Many of us have heard of prenuptial agreements and for more information check out a Geezeo article here. But postnuptial agreements are not as common as prenups, but are constantly growing in popularity.
Often times couples do not want to ruin a marriage before it already begins with the discussion of a prenup agreement. However, after the wedding, if things are not what you had thought they would be or things are not going so well, maybe it is time for you to consider a postnuptial agreement instead.
According to an article about on TheStreet.com, there are several reasons why a couple might enter into a postnuptial agreement or contract:
- Protection against a spouse that has treated you wrong in the past. Sometimes couples sign this because they want to work through their past and things that have happened. However, having this agreement in place if things go wrong allows both to leave with something and not focus on money.
- Both individuals want to know about the others finances. Having a postnuptial agreement puts everything on the table so that there are no secrets between the two of you.
- Sometimes people entering into second marriages want to make sure their children receive the correct assets in case anything goes wrong.
- The most obvious reason for a postnuptial?…Because you just didn’t get around to signing a prenuptial agreement before you were married.
A postnuptial agreement states everything clearly so that both individuals know what will happen if the marriage does not end up lasting. This can save you a lot of money in the long run. An article on MainStreet.com by Shira Levine talks about how a lawyer can easily cost $5,000 for just 10 hours of arguing. Once you put a third or fourth party in the middle of things the arguing and trying to figure things out can last for an extremely long time.
Although you may think that bringing up a postnuptial agreement will make things worse, they may do just the opposite. Make sure to sit down with your spouse to work through things and talk about signing a postnuptial agreement. Postnuptial agreements have been seen to save troubled marriages when the worrying about money is off the table.
Both prenuptial and postnuptial agreements can save you a lot of time and money in the long-run. Review the pros and cons of each to figure out if this is what you should consider. Even those couples who have no trouble in their marriage might consider signing an agreement to avoid worrying about money. Do what you think will work best for you!
Photo: Michelle Kwajafa
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