It's a common misconception that the only couples that create a postnuptial agreement are those concerned about the strength of their marriage.
Even if you're in a loving marriage that you believe will last forever, it makes sense to consider the benefits of creating a postnuptial agreement. It comforts both individuals, knowing that they're protected in the event of a divorce.
When to create a postnuptial agreement
As the name suggests, a postnuptial agreement is a legal document you create after you tie the knot. This is in contrast to a prenuptial agreement, which you enter before your wedding day.
You can create a postnuptial agreement at any time. For example, if you didn't get around to creating a prenuptial agreement, you may want to learn more about a postnuptial agreement shortly after your wedding day.
However, even if you've been married for years, you have the legal right to create a postnuptial agreement.
Does it make sense?
A postnuptial agreement isn't the right decision for every married couple, but there are reasons why married individuals may choose to create this legal document. These reasons include but are not limited to:
- To protect the financial and inheritance rights of children from a previous marriage
- To protect against individual debts your spouse has taken on during your marriage
- To protect individual assets that you brought into the marriage
- To protect a person who has stopped working to care for their children, such as ensuring that they receive financial resources, typically by way of alimony, in the event of a divorce
Keep in mind that there are conditions that can invalidate a postnuptial agreement, such as:
- If one of the individuals was pressured into signing the postnuptial agreement
- A lack of a written agreement (a verbal agreement is not enough)
- Invalid provisions
- Incomplete or inaccurate information
- Grossly unfair to one individual
If you're interested in creating a postnuptial agreement, discuss the pros and cons with your spouse. This will lead you to determine what you should and shouldn't include. As long as you're protecting your legal rights, as you never know what will happen in the future, you can sign a postnuptial agreement with confidence.