A prenuptial agreement (also called a prenup) is a contract made between two before marriage that protects each party’s assets if there is a divorce. A postnuptial agreement ( commonly known as postnup) acts similar to a prenup, by protecting property division in a divorce, but is made after marriage.
Is there any advantage to getting a prenup over a postnup? Which legal document is right for you? Should you get both? Here’s what you should consider:
Making the best out of a prenup or postnup
The biggest thing to know about prenups and postnups is that they both establish what is expected from each party if there is a divorce. A prenup could prevent someone from marrying you for the purpose of gouging your assets. Depending on your relationship dynamic, a prenup or postnup may even ensure you keep your quality of life after marriage.
The main difference between a prenup and a postnup is when each document is made. A prenup is made only before marriage – a postnup is made only after marriage. Because a prenup is made before marriage, it can’t be changed after the wedding.
In theory, this can pose an issue if you or your spouse inherited assets, started a business or inherited a large sum of money and wants to know it’s safely in the right hands after divorce. However, if you want to alter a prenup, you may have the choice of making a postnup that will, in effect, replace the prenup.
If you’re ready to talk about getting a prenup or postnup, then you may need legal help to provide you with your options.