Postnuptial marital agreements are not as common as prenups. However, they can still protect a couple when it comes to asset and debt division. A postnup is a tool that both spouses can benefit from. If you live in New Jersey and want to know more about keeping your assets safe, here are some things you should know about marital agreements.
What is a postnuptial agreement?
Postnups are marital agreements that allow married couples to protect their assets in the event of a divorce. So, if you and your spouse didn’t sign a prenup when you got engaged, you can make an appointment to sign a postnup to ensure that your finances are not destroyed if you and your spouse decided to divorce. You can also get a postnup to modify some of the terms in your prenup if necessary.
Postnups vs prenups
Both of these marital agreements serve similar purposes. However, a postnuptial agreement may have stricter more customized terms than a prenup. Couples who decide to enter a legal marital agreement after tying the knot will likely have more insight into how their relationship will work, i.e. who will work full-time and who will stay home and take care of the kids. Or, the couple may decide that both parents will work and share childcare duties. Once the couple is more familiar with their family dynamic, they can create a postnup that ensures that both parties are fairly compensated if the marriage ends in divorce.
The postnup can also address any businesses or properties that the couple acquired together while married. It is best for both parties to provide input for the marital agreement so that the terms will work favorably for both parties.