Marriage is a wonderful act of love and commitment. It is also a contractual pact that binds together the finances and resources of a couple. Before you enter such a union, you must ensure that your material interests are protected. This is a common reason many engaged couples decide to get a prenuptial agreement.
However, couples who have already tied the knot might be concerned because they did not sign a prenuptial agreement, and now they want to. For these individuals, there are options, like a postnuptial agreement.
Having a prenuptial agreement or postnuptial agreement drawn up says nothing about commitment to the person you want to be with. However, depending on what step you are at in your relationship, one can be better than the other. So should you get a prenup or postnup? What is the difference between a prenup and a postnup?
What is a Prenuptial Agreement?
A prenuptial agreement is a contract signed by a couple before getting married. The intent is to protect the interests of both parties in the event of a divorce or death. Most prenups stipulate how property is to be divided and the amount of alimony that is to be paid.
Prenuptial agreements can also be used to protect inheritances, heirlooms, and other precious and valuable items that one wants to keep in the family. It is also possible to decide child custody and visitation rights in a prenup. However, courts discourage this practice.
What is a Postnuptial Agreement?
Couples can also protect their assets even if they have already gotten married, by getting a postnuptial agreement drawn up. The only difference between a prenuptial agreement and a postnuptial agreement is the time when a couple decides to get one. A prenuptial agreement is signed before a marriage, and a postnuptial agreement is signed after marriage.
Postnuptial agreements are often sought out by people who have discovered something they did not previously know about their spouse’s financial situation. If, for example, you have found out that your spouse is heavily indebted, you can have a postnuptial agreement drawn up that absolves you of any liability for their debt if the two of you split up.
We Can Help with a Prenup or Postnup
You should gather all the facts concerning prenups vs. postnuptial agreements before deciding if you need one. Hiring a lawyer who specializes in these kinds of agreements can help you address your specific concerns, interests, and priorities. Friedman & Friedman can help you sort through your options to ensure your financial future is protected.
If you need help creating a prenuptial agreement or a postnuptial agreement, call us today at (914) 873-4410.