Many people see prenuptial agreements as almost the holy grail of marriage contracts. That isn't necessarily the case. There are some cases in which postnuptial agreements can actually be more helpful than prenuptial agreements. If you are considering a postnuptial agreement, you should understand some basic points about these agreements.
What is a postnuptial agreement?
A postnuptial agreement is an agreement that is signed after you get married. It can dictate all the same points as a prenuptial agreement, which includes how financial affairs are handled. It can even include points about how chores and duties at home are handled and divided.
Why should I consider a postnuptial agreement?
There are numerous reasons why a postnuptial agreement would be a good idea for a person who is already married. One example is if you have children from a previous relationship. You could use the postnuptial agreement to ensure that your children are provided for if there is a divorce or if something happens to you. Some people opt for postnuptial agreements as a source of security.
What should I know if I want a postnuptial agreement?
If you and your spouse need to have a postnuptial agreement, each of you needs to secure your own representation. It can be difficult to speak about the issues that will be included in the postnuptial agreement, but you should make sure that you have all important points covered. Having your own legal representation can help you to ensure that you know your rights and options while you are working out the points of the agreement.
Source: ABC News, "Forget the Prenup: Why You May Need a Postnuptial Agreement," A.J. Smith, Credit.com, accessed April 15, 2016