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Why would one want to draft a postnuptial agreement?

Couples in Leesburg who are planning their weddings have a to do list a mile long. They’re looking for the perfect venue, the perfect dress, the perfect cake and more. One item that they may have left off their to do list, either purposefully or accidentally, is executing a prenuptial agreement. They may have viewed prenups as unromantic and a sign they were not committed to the marriage, or they may have gotten carried away with the whirlwind that surrounds a wedding and simply never got around to it. In either case, are there any options for couples who neglected to execute a prenuptial agreement prior to getting married?

Some couples in this situation may want to consider a postnuptial agreement. Like a prenup, a postnuptial agreement is basically a contract. It is entered into after a couple is married, and sorts out how the couple’s finances will be treated while married and how their property and debts will be divided should the marriage not last. Spousal support can also be addressed in a postnuptial agreement.

Some couples enter into a postnuptial agreement simply because they never got around to creating a prenup. Other couples choose to enter a postnuptial agreement to preserve assets for their children from another marriage. Some couples wait to execute a postnuptial agreement until one of them leaves the workforce to care for the family. And, some couples, whose marriage is on the rocks years later, wait until then to execute a postnuptial agreement as a means for working on their union in a way that shows they are committed to making it work.

In the end, there are many good reasons to create a postnuptial agreement. It is never too late to protect yourself financially for the unknown, as no one can tell what the future will bring. That being said, if a person wants to create a postnuptial agreement, they may first want to consult with an attorney to ensure the final document is legally sound.

Source: USA Today, “Do you need a postnuptial agreement?,” AJ Smith, Credit.com, accessed Aug. 25, 2017

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