Prenuptial and postnuptial agreements are contracts between two people who are about to get married or are already married. These agreements establish each spouse's financial rights and responsibilities in the event of a divorce or other major life event.
Though they serve a similar purpose, there are some key differences between prenuptial and postnuptial agreements. This blog will explore those differences and help you decide which type of agreement is best for you.
Prenuptial Agreements
Prenuptial agreements, often referred to as prenups, are contracts couples enter before they marry. These agreements set out each spouse's financial rights and responsibilities during a divorce, separation, or death.
Prenups can be very helpful in situations where one person brings a lot of wealth into the marriage or a significant disparity in income between the spouses. They can also help protect children from being taken advantage of in a divorce.
On the other hand, prenups can also be viewed as unromantic and can create tension between couples. If a couple divorces, the prenuptial agreement may be used to settle financial disputes.
Postnuptial Agreements
Postnuptial agreements, often referred to as postnups, are contracts entered into by couples who are already married. These agreements are very similar to prenuptial agreements with some differences.
The main differences are:
Postnuptial agreements can be entered into at any time, whereas prenuptial agreements must be signed before marriage.
Postnuptial agreements can be amended or canceled anytime, whereas prenuptial agreements are more difficult to amend or cancel.
Postnuptial agreements are less likely to cause tension between couples than prenuptial agreements, as they’re agreed upon during marriage and not something that needs to be completed with a strict pre-marriage deadline.
Is a Prenuptial or Postnuptial Agreement Best for Me?
There is no one-size-fits-all answer to this question. Every couple's situation is different, and you should consult an attorney to determine if a prenuptial or postnuptial agreement is right for you. If you have questions about creating a pre or postnuptial agreement, contact Chung & Ignacio, LLP today.