Marriage is a big life event for many people. It could mean spending the rest of your life with your betrothed. Marriage often means combining your assets with your spouse – but if anything were to happen to put that marriage in danger, you need to consider how to protect your assets.
People have the option of a prenuptial agreement (or prenup, for short) before marriage. A prenup essentially ensures you and your spouse know where assets will go if there's ever a divorce.
But what if you're only hearing about a prenup after marriage? Is it too late for a prenup? Here's what you should know:
A postnuptial agreement can do the same job as a prenuptial agreement
Some people don't realize they can protect their assets with a prenup until well into their marriage. But, that doesn't mean all is lost. Couples also have the option for a post-marital agreement known as a postnuptial agreement (also called a postnup).
Postnups work much the same way a prenup does, the only difference is that it's made after marriage.
People who have prenups may also write up a postnup after marriage as a way of revising their initial agreements – and this isn't uncommon.. People may have started a business, gained inheritance or grew their estate while married. Creating a postnup will then replace the original prenup.
You can't just write up a prenup or postnup expecting your spouse to be in full agreement. Prenups and postnups often benefit both people in a marriage. If you're looking to make a fair and legal prenup or postnup, reach out for legal assistance.