Postnup,Post Nuptial,Prenup After Marriage Are the Same Thing
Postnuptial commonly known as “Postnup”, is a legally written document/contract usually signed by married couple. It also means “Post Nuptial” or “Prenup After Marriage”. This legal document details all the couple’s marital property and also indicates what would happen to those assets if they couple eventually gets divorced or separated. Like the contents of a prenuptial agreement, provisions in postnup varies slightly from that of prenuptial and commonly includes provisions for division of property and spousal support in the event of divorce, death of any of the spouses, or even breakup of marriage.
Why Do You Need Post Nuptial Agreement?
Here are some of the circumstances where a postnuptial might be in your best interest.
- You want to protect your initial investment in a business
Managing and owning a business of yours with your spouse could be challenging during a divorce settlement. A postnup may help smoothen the process, for instance, if a spouse inherited some money before getting married and after marriage, he/she decides to use it to pay for the initial costs for a business. A postnuptial agreement could indicate that though you agreed that the business is marital, you would be paid your initial investment money, as your sole and separate property, in the event of a divorce.
- You are in your second or third marriage
It is also reasonable to consider a postnuptial if you are on your second or third marriage. If you’re married to a spouse and one or both of you have children from previous marriages, having a postnuptial agreement will help protect those kids as the legal document ensures some assets goes to your children.
- Enables you keep invaluable and sentimental properties
Postnuptial alleviates fears about possible loss of properties that are of great value to you. For instance, if you and your spouse bought your childhood home owing to the sentimental value it holds for you. Having purchased this money with your marital money, you want to be certain this property remains yours in the event of a divorce. A postnuptial would allow you to specify that and in the event of a divorce, you would retain the home as your sole and separate property.
Reasons for a Postnuptial
One concrete reason you might consider a post-nuptial agreement is if your present marriage is your second or third or even more marriage and you have children from a previous marriages and you may want to make sure that some of your assets go to these children of yours. Another substantial reason for a postnuptial is if a spouse is unfaithful and the other spouse tries persuading the other to work on the marriage. Most couples believe that signing a postnuptial agreement indicates that they really want to stay married irrespective of whatever they might be going through. Finally, you might want to obtain a postnuptial agreement if you resign from the workforce to spend a greater amount of time nurturing your children and want to be certain you’ll be financially secure.
Pros And Cons Of A Postnuptial
The postnuptial agreement is basically the after marriage model of the prenup or prenuptial agreement. Prenup agreements are very common; contracts a couple sign before getting married to each other, specifying what will happen to assets as well as the money if the couple get separated in divorce, usually superceding local rules as well as regional laws that would decide these things. Prenuptial agreements may likewise incorporate behavioral expectations or other financial arrangements, but many expectations cannot be added in a postnuptial agreement. Many times couples marry without any legal contract and decide later they would be more genuine and comfortable with postnuptial agreement.
Most times when people walk down the aisle and get married, they usually wish and hope the union lasts a lifetime. The bitter fact however, is that roughly half of all marriages end in divorce. With the odds of separating from a spouse relatively high, people turn to prenuptial agreements to protect their assets. These legal documents/contracts have both advantages as well as disadvantages.
Pros of Postnuptial
- Protects your financial stability
Some states in United State have some laws put in place on property which states that without a postnuptial agreement, you and your spouse share assets, properties and debts equally irrespective of whose name is on titles, registrations or deeds. That can be a big financial loss if your spouse didn’t contribute as much to the marriage monetarily as you did.
- Protects the financial stability of your children
A postnuptial legal contract helps protect the financial stability of your children. Without a postnuptial agreement, your spouse may be the one receiving money intended for your children.
- Ability to outline spousal support
According to Uniform Premarital Agreement Act of 1983, it is possible to use a postnuptial agreement to create a basis for spousal support.
- Living A Happy Life Together
Prenup and Postnup agreement contracts are not very sentimental, and many people avoid them because they don’t want to ruin their romance or don’t want to think about the negativity of divorce. However, a postnuptial agreement is the most practical thing in a marriage, especially when there is a big difference in the financial status of a couple. A postnuptial agreement is not only helpful for reducing tension, but also for living a happy life together.
- Simplifying A Potential Divorce
Similarly, like in a prenup, it’s usually advised both individuals should have separate legal representation so that the couple can fairly represent their interests. Both sides ought to select lawyers experienced in making the legitimate postnuptial agreement, so that neither one of them can topple it if a marriage ends. We cannot compare prenup agreement with a postnuptial agreement as they both are different; however, a postnuptial agreement needs similar prenuptial elements. A postnuptial agreement can simplify a potentially disturbing divorce problem.
Cons of Postnuptial
- Not seeing the marriage as forever after infidelity
Going for a post nuptial agreement implies you don’t really believe the marriage will forever. Postnuptial contract come into lime light when a marriage dissolves. By creating one after walking down the aisle simply sends the message that there is a possibility your marriage won’t likely be successful especially you sign a postnup after infidelity.
- Necessitates a change in couples life style
Signing a postnuptial document may necessitate a change in lifestyle. Even when postnuptial agreements can’t outline spousal or child support, they do influence the division of property and assets.
- Agreement are subject to Judges Opinion
Postnuptial agreements are subject to a judge’s opinion. Even if you sign a prenuptial agreement, if you take the agreement to court, it’s left for the presiding judge to decide the validity and reasonableness of the document.
- Who Will Get More Benefits?
One of the most difficult things with a postnuptial agreement is money; most of the times both members aren’t always in total concurrence on how money should be apportioned if a divorce occurs. Couples usually thinks that one of them will get more benefits. To stay away from such thoughts, the prenup is ideal as these issues can be easily handled before marriage due to legal entitlement. Apart from this, a postnuptial agreement is very beneficial and couples find it more reasonable.
- Legal Standpoint
From a legal point of you, couples must understand they might waive a few rights if they sign a postnup agreement. For example, a postnuptial agreement that decreases divorce settlement in very less shared assets in the community property state is to the impediment of the individual who signs it. Then again, if assets are large as well as the person knows this reduction is to benefit relative of a spouse, it might not make much difference.
How To Convince A Wife To Sign Up Postnuptial Agreement?
Of course, it might sound a little weird mentioning the word Postnuptial to your spouse especially if you guys are experiencing some difficulties. But make her understand that there are lots of good than harm a postnuptial can offer. For example a postnuptial is a productive way of dealing with all sorts of all kinds of financial issues in a marriage, income and expectations of any inheritances, future income or gains including property, how much inheritance will be paid to her if you guys divorce, insurance coverage including, life medical and disability etc.
Do I Need A Lawyer For A Postnup? Can I Do It Myself?
Sure, this is owing to the fact that most times, postnup agreements can be complicated and difficult to understand. It therefore requires the services of an experienced lawyer. Getting a family lawyer or attorney could be of great help to enable you understand your rights and also how to protect your interests. A family law lawyer will also represent you in court if the need arises owing to a dispute. Discuss the cost of post nuptial agreement with your attorney before you make any abrupt decision. If you think post nuptial agreement cost is too expensive and would like to do it on your own, download some post nuptial agreement samples or templates online and get some brief ideas. If that’s something you can do without a lawyer or marriage counseling, you may go ahead to fill out the post nuptial agreement form carefully.
The bottom line is instead of ending a relationship, a couple can choose postnup to start a new beginning. This particular agreement put the past to rest as well as dispense fights over cash and assets. It must be based on full disclosure and completely fair for both the parties, then it will stand up in court. If you are planning to create this agreement, it is wise to think about separate legal counsel.
Other Alternatives: Legal Separation or Divorce
Divorce and legal separation are often confused because they require similar elements to take effect. It is crucial to realize that, in most areas, divorce and legal separation are quite different according to the law, but they might feel similar on an emotional level. It is up to the couples whether they want a legal separation or a divorce; however, a legal separation agreement is a better option. Let’s discuss the difference between both divorce and a legal separation.
A legal separation is a judicial separation order that temporarily suspends the legally recognized union of a couple. However, this order allows spouses to retain a few rights granted through marriage. Generally, this means couples can continue spousal support, sharing health benefits, reaching agreements on custody sharing, as well as some other sections of responsibilities.
Separation and Legal Separation
The difference between a legally filled separation and typical separation is that legal proceedings require fair agreements and settlements regarding responsibilities to be made that are lawfully executed. If a spouse moves out, she or he is under no agreement that covers paying rent, selling or using assets, taking care of children, or paying bills. A legal separation forces both parties reach an enforceable as well as an equitable agreement about these problems during the time of separation. A separated couple can also get divorced later and all the terms of a legal separation will turn into a divorce decree.
Which One Is Better? Divorce and Legal Separation
Divorce and legal separation have more similarities than differences. Divorce is a full dissolution of the marriage, while legal separation suspends a marriage. A divorced couple can remarry, but a legally separated couple cannot, as a separation is not considered the end of a marriage. The couples remain legally married so they don’t have to remarry again; however, legally separated couple can file a divorce and then re-marry.
Instead of getting a divorce, get legal separation agreement
Many people choose to get a legal separation agreement instead of getting divorced, as they hope to reunite in the future, with clear agreements regarding the responsibilities. Different religions forbid divorce, so this is also a good reason to become legally separated. Others might prefer legal separation to get regional advantages that might kick in after a specific marriage milestone such as social security benefits. Thus, becoming legally separated is beneficial rather than divorced.
So do you get a Postnup (Prenup after you get married)?
At times, divorce and legal separation are linked because separation is utilized as a “stepping stone” to divorce process. A few couple chooses legal separation because they want a “cooling off” time to make sure that the option of divorce is ideal for them. It is not easy to divide duties and property swiftly; some couples want to start living separately until the agreements are sorted out. If a couple wants a permanent separation, they can choose a divorce decree later.