Having a prenuptial agreement is not unheard of. While this contract is typically present in high asset marriages, it is something that anybody can opt to have. As the name implies, it is a contract that both parties sign prior to getting married. Did you know that you can also have a similar agreement after marriage?

A postnuptial agreement may be one of the most beneficial contracts you and your spouse can obtain. It may aid in securing your finances, clarify your responsibilities as part of a married couple or give you peace of mind should anything go awry.

What is a postnuptial agreement?

The main difference between a postnuptial agreement and a prenuptial agreement is the timing, in that the execution of a postnuptial agreement happens while the couple is already married. Couples may opt to have one to reflect changes in their financial standing or if one or both gets an inheritance, and they want to protect their assets in the event of a separation or divorce. It may also reflect changes in the marital dynamics.

What are the advantages of getting one?

A postnuptial agreement may offer stability and clarity in your marriage, as it allows you to address various issues fairly and proactively. Below are some of the other advantages:

• It clarifies gray areas in your financial and marital responsibilities and rights.
• It may also protect your individual assets and help manage debt liabilities.
• If you have children from a previous marriage, this may also specify their provisions.
• It can protect you against creditor claims.
• If you have a business, it may offer an added layer of security.
• It may potentially reduce conflicts in case you and your spouse get a divorce.

Getting a postnuptial agreement is one that requires careful thought and consideration. It is important that you discuss the topic thoroughly with your spouse. It may be a good idea to get legal advice so that you know and understand your options.