Marriage is a life-changing event for many people and if there were to ever be a problem that would result in divorce, people can put prenuptial agreements (also known as prenups) in place to protect their assets. This legal document is created before marriage and often outlines the assets and financial responsibilities of each spouse and how everything is distributed were there to be a divorce.
If you missed your chance to make a prenup, married couples can still create postnuptial agreements (or postnup for short). A postnup, similar to a prenup, is created to protect each spouse’s assets and interests in a divorce.
Should you get a prenup or a postnup? Here’s what to consider:
Protecting your property in family law
Prenup and postnups both intend to protect your property in a divorce. Not only are your assets protected but there may be a division of debt and provisions for financial support if you make a lower income than your spouse.
While many people get prenups before marriage, there are a few advantages to getting a postnup. Many people come to possess a large estate from a deceased family member – a postnup may be made (voiding out any prenup) to protect newly acquired assets. People who started a new business or were given lucrative partnerships and promotions may also consider revising a prenup with a postnup.
If you’re planning out your future, you may need to consider making a prenup or postnup. Reaching out for legal help could ensure you and your spouse are making valid legal documents.