Can You Get a Prenup After Marriage? 7 Signs to Consider
If you’re wondering, “Can you get a prenup after marriage?” the answer is yes – it’s called a postnuptial agreement. Read on for more.
Introduction
Prenuptial agreements are commonly referred to and are known as the contract that is signed before marriage to clearly state how their property is to be managed should the marriage end. For some, it seems like a necessity, for others, it can be a little hurtful. After all, you are coming together as a couple – and who wants to think about the marriage ending before it even begins?
For those who chose not to have their soon-to-be spouse sign a prenup agreement, there may come a time when a postnuptial agreement may seem fitting. Let’s take a closer look.
What is a Postnuptial Agreement?
A postnup is very similar to a prenup, except it is signed after the marriage. It is a legally-binding contract that will discuss things such as how the assets will be divided should there be a divorce, including spousal support and pet custody. Or, what will happen to the assets upon death? Postnups can also address marital conduct, too.
There is not much difference at all between a prenup agreement and a postnup agreement other than the timing. One is signed before the marriage is in effect, and the other is signed after.
So, how do you know if you need one? Here are seven signs to look out for.
1. Financial Disputes
There are many times when fights break out amongst couples due to finances. In fact, it is a common reason why so many divorces happen. Going into the marriage, you may not realize that you and your future spouse will have differing views on marriage – until you are in the thick of it.
Having a postnuptial agreement allows you to decide how assets and future assets – including money – should be handled in the case of divorce. It will list how each person will be responsible for certain debts or maintaining control over certain accounts so that there is no confusion or even the need for mediation because of it.
2. Children From a Previous Marriage
Things can get a bit tricky when there are children from a previous marriage (or previous relationship). The wealth one accumulates will want that to be part of an inheritance one day – and will not want the spouse to lose it to the current spouse in a divorce.
Without having something in place, your spouse will almost always get the bulk of what you leave behind when you die. Therefore, as a means of protecting your kids, a postnuptial agreement can be very rewarding.
Keep in mind that in lieu of a postnup, you can also protect your children from another marriage and their inheritance by setting up a trust. This route may cause less of a rift in your marriage.
3. Missed the Window for a Prenup
Maybe you had been toying with the idea of a prenup but ran out of time. Or, maybe it wasn’t something you had given much thought to. Then again, perhaps you didn’t realize the importance of a prenup until you were deep in marriage.
Regardless, you can still get the same protections as the prenup after marriage.
Prenups can lead to awkward conversations and be hard to approach before a wedding. If you never had the talk for one reason or another, it is still possible to get the protections in the form of a postnup. Some couples find this much easier to discuss.
4. You Own a Business
Did you own a business before you got married? Did you start a business after you got married? If you own a business and your spouse is not a partner in it, getting a postnuptial agreement is a good idea. Why? Let’s just say that should your marriage not succeed, your spouse may be entitled to a percentage of that business – and its profits – regardless of whether they had anything to do with it.
5. You Received Money After the Marriage
You may not have had much going into your marriage, so you didn’t think much about signing a prenuptial agreement. But what happens if you receive a large sum of money due to an inheritance, legal settlement, etc.? Since assets obtained during marriage often become marital assets, your spouse would have access to it, too.
Depending on the situation, this boost in your finances may leave you trying to find a way to protect it. One way to do that is through a postnuptial agreement. This will allow you to keep these funds separate should you two decide to one day part ways.
6. Divorce Seems Imminent
Do you not see a positive future for your relationship? If things are a bit rocky and divorce seems imminent, you can avoid big headaches by signing a postnuptial agreement now.
This can be a great way to set the terms of the divorce before the court system gets involved, making the process much easier and hassle-free.
7. One Spouse Stopped Working
If one spouse stops working to handle business in the household – such as raising children – a postnuptial agreement can be put in place to take care of that individual in case of divorce. That way, they are protected financially since they were willing to give up their career.
Hiring a Lawyer
When it comes to postnuptial agreements, you’ve wondered, “Can you get a prenup after marriage?” The answer is yes, but it’s important to handle these agreements carefully. Don’t try to draw up your own postnuptial agreement, even if you think you found a great template online. That’s not the thing to do when you want to ensure you have the proper protections in place.
Handling postnuptial agreements can be tricky – especially if you are trying to avoid a rocky marriage. Sometimes having a legal professional on your side can make things go a bit more smoothly. In addition to guidance throughout the process, you can feel confident that a contract drawn up by an attorney will be legally binding and held up in court should a dispute arise.
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