Many people will create a prenuptial agreement (prenup) before marriage. A prenup ensures that someone’s assets will be protected if a divorce were to happen. This could mean you won’t have to part with your savings, home or hobbies if you divorce your spouse.
Prenups can become outdated, however. You may invest in real estate, start a business or inherit a large sum of money, all of which may make you reconsider what your prenup protects. If you’re looking to make adjustments to a prenup, then you might consider creating a postnuptial agreement (postnup). Here’s what you should know:
Protecting your assets in a marriage
Postnuptial agreements are very similar to prenups, the only difference is that a postnup is made after marriage. Postnups are especially good for people who want to renegotiate their assets in a high-asset marriage. Having a prenup may also be good for people who never followed through with writing a prenup
However, you can’t just write a postnup expecting your spouse to go along with it. Much like a prenup, postnups are agreements that both you and your spouse must agree to. In other words, you may want to ensure you and your spouse understand each other’s financial responsibilities and obligations.
A good way to approach the prenup is to point out to your spouse that the prenup no longer reflects your current situation. By making some agreements now, you can each have a more secure future.
High-asset marriages sometimes lead to high-asset divorces. Prenuptial and postnuptial agreements can be essential. If you’re seeking a divorce and there’s a lot at stake, you may need to reach out for legal help to ensure all your legal documents are in order.