Prenuptial agreements are an increasingly popular way for people to protect themselves in case they get divorced. Just because you’ve already gotten married doesn’t mean that your only opportunity for protection is behind you.
Couples can still create a marital agreement after they are married, known as postnuptial agreements. Couples make create these documents for a number of reasons, but there are three common reasons for the creation of a marital agreement after your marriage.
One spouse experiences significant success
You never know when and how life will change after your marriage. Whether a decade working for a company has led to one spouse wanting to start their own business or professional practice, or they experienced unanticipated success, they may want to create an agreement that protects them and their new business or income in the event of a divorce.
One spouse intends to take a significant risk
Couples choose to maintain separate finances for a number of reasons. Liability and creditor collections are among the common reasons for people to maintain separate financial accounts. If your spouse is about to engage in a high-risk business venture, carefully separating your finances can give your entire household protection.
The couple has to work to save their marriage
A postnuptial agreement is often a useful tool for those trying to make their marriage work after significant conflicts or hardship. A postnuptial agreement can outline exactly what divorce will look like to make it simpler and also possibly create some penalties or consequences for one spouse or put protections in place for the other one to reduce the risk of staying married for both parties.
A range of scenarios could create different needs and unique reasons for needing the protection of a postnuptial agreement. Regardless of why you find yourself considering one, getting the help you need in drafting and executing it will make it a stronger document for you and your spouse.