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?
Before we dive into why you need a post-nup, I want to make one thing clear: having a post-nup does not mean that you are going to be getting divorced any time soon. It doesn’t even mean that you are planning for divorce. It is just preparing just in case something happens in the future. You could be completely in-love with your partner, but you have to realize that some of the strongest marriages in the world have the potential to break-down in the future. A post-nup will help protect you from that.
In the rare event that you do get divorced then the both of you will save a lot of money on court proceedings if you have already agreed how to split finances and property upon divorce. If you have a post-nup in place, signed when the both of you were still in love of course, then you will both have talked about it through like normal people (hopefully). If you are getting divorced then a little bit hatred can get in the way which is obviously not going to lead to a fair split in the slightest.
Now; one person will be making the most money in the family. Another person may stay at home and look after the children. It doesn’t matter which gender performs which role. The problem is that if you get divorced then one person may be losing out on the income that they needed to live. For example; if a person has a part-time job or devotes their time to looking after the children then they will not have that much of an income. A post-nup agreement will again form some sort of protection here. A post-nup will sure that everybody has agreed as to who is entitled to what in the event of the divorce so everybody is financially secure.
Finally; a post-nup will be able to take into account any changes that happen throughout marriage. For example; if somebody starts to get paid more for their work, or if there is some unexpected property windfall or the like. A post-nup can’t be changed that easily (you are now married after all), but a pre-nup can be changed whenever you wish providing you are in agreement. This is absolutely fantastic as you want an agreement which is as dynamic as your relationship.
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
Postnup or postnuptial is a legal agreement between a married couple which ensure that what happened to their assets in case of separation, divorce or even if one of them dies. This agreement does not just consider the financial assets of both parties but also the financial liabilities. Postnup agreement is now become one of the most common spousal agreement in United States of America due to increase in divorce rate among married couple. Many couple sign this agreement before or at the time of their wedding, it is called prenuptial agreement. There is no difference between pre or postup agreement except the date and time. Prenuptial agreement signed before the marriage while postnup agreement signed after or during a marriage life.
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.
Postnuptial agreement is not a complicated type of a legal agreement. It’s quite simple as compare to other types of agreements and contract. The post nuptial agreement sample paper contain basic information like name of both parties, their addresses and some other personal information including the date of their marriage, while rest of agreement contain the details about the agreement which contain the following information:
- In case of divorce how does the division of couple’s property take place
- How does the debts of couple will be divided after divorce or separation
- Payment of bank loan and divorce which has been taken jointly
- Distribution of couple business, property, assets and even children after divorce
- How does the mortgage and insurance expenses will be divide among both of them
- Distribution of gifts which includes property and other assets including inheritances etc
- How does distribution of property take place if one of the partner dies
- Agreement about children on divorce or separation, who will take care of them
- Who will pay for children maintenance after the divorce or separation
These are some common terms and condition of postnuptial agreement which you can found in premarital agreements and post nuptial agreement sample. But the question is what are the reasons for a postnup agreement?
Reasons for a Postnup:
A couple may be enter in prenup after marriage due to number of reasons. Difficulty in relationship is not the only reason but a couple may be entered in postnuptial agreement just to make secure their positions in case of divorce and separation. Some couple even in happy marriage life could sign postnup for better future planning, tax planning and planning for other financial matters like if the couple is partner in a business or having a joint bank account etc. In short the reasons behind signing a Postnup Agreement is not always linked with separation and divorce but there could be other reasons too. Some of popular reasons for postnup agreement between couples are:
- Martial life: When couple feels that they are having difficulty to continue their marriage.
- Joint venture: when couple running a joint venture and make their position secure in case of divorce
- Business and partnership: When couple run a business or business partner they sign postnuptial agreement to make sure that their personal life did not affect their business life or business overall.
- Stay at home mom: Should stay-at-home moms need a postnup? Yes, because she resign from her job to take care of house and kids, postnup agreement confirmed that she will get salary from her husband for sacrificing her job for family.
- Other reasons: Tax planning, relocation, wealth planning, future planning in case of death etc.
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.
Postnuptial Agreement Template
As you may well know; the post nuptial definition is an agreement made after you are married. This agreement will stipulate what happens to finances and possessions in the event that the two of you end up getting divorced. I am not saying that you are going to end up getting divorced. You just need to protect yourself in case that happens.
The main reason as to why you will want to download a post nuptial agreement template, preferably in the form of a PDF, is so that you can make sure that absolutely EVERYTHING is covered. Many people will try and write their own agreements up. They may think that these are fine for now, but when it comes to a divorce they will very quickly discover that lawyers are quick to twist the intentions of the post nuptial agreement in favor of their own party. This means that whilst you may have intended something to happen at the start, this may not necessarily end up actually happening. Words will become twisted. When you download a post nuptial agreement you can be sure that absolutely everything is covered. You are not going to find a contract that is more watertight than this. All you need to do is fill in the blanks and you can feel confident knowing that you are protected by the contract should the worst end up happening (and I really hope it does not!)
Now; you could always head to a lawyer and work with them to draw up the post nuptial agreement. I am going to be honest with you here though; the majority of lawyers out there will use templates. It is unlikely they will draw up a completely new agreement for every new client that walks through their door. It takes too much time when they will be saying the same thing over and over again. Honestly; why would you want to pay for somebody to do this when you can quite easily download one and do it within the comfort of your own home?
Remember; if you are going to download a template then make sure you download it from a reputable website. This way you can be sure that the contract will hold up legally. There are a few different websites out there nowadays offering a post nuptial agreement in PDF form, but only a few of these sites are of a decent quality.
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.
How to Convince Fiance to Sign a Post-Nup
The following tips could be helpful if you believe that a signed post-nup is the right solution for your troubled marriage. You could convince your fiance/wife by:
- Telling her that a postnup agreement will help to protect her assets if you mess up your finances.
- Telling her that a postnup will be an equal settlement for both.
- Telling her that a postnup can give peace of mind and settlement to your marital problems.
There are many reasons why couples get postnuptial contracts, besides the fact that it could protect assets or provide a faster exit if it’s not possible to save your marriage. Some of the reasons would be to have an agreement with stipulations that your spouse debts will be hers alone or vice versa or as a solution for a marriage that is shaky because of issues which cannot be settled by just talking.
It might be hard for you to believe, but a postnuptial contract could help you to avoid a divorce. Although a postnuptial agreement is a marriage contract that couples take out in the event of separation, it will give you and your partner a chance to breathe freely as a legally binding settlement is reached. With the help of this agreement your marriage could move forward and you would not need the services of a divorce attorney.
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.
Antenuptial Agreement after Marriage
Marriage should be treasured as always and it should not be broken by any other reasons. When two people decide to marry each other, they should solemnly swear that they would live as truthful as they can be forever in their lives. However, this is not always the case. Plenty of couples who decided to get marry have also decided to be separated. These couples then encountered a very tedious and complex process of either separating or divorcing. This is because they have not thoroughly thought of the possibility of breaking up when they decided to tie the knot. As a remedy for this, a postnuptial agreement is advised for couples.
Prenuptial Agreement after Marriage
A postnuptial agreement is just basically a prenuptial agreement after marriage. This agreement deals with the process or manner of separating things when the day a separation is needed. A postnuptial agreement scopes the finances, debts, assets, income, and equity of both individual and how should it be divided equally.
To impose the effectiveness of a postnuptial agreement, both parties involved must sign a postnuptial contract and this contract is to be notarized by a postnup lawyer.
Uses of Postnuptial Agreement
A postnuptial agreement is greatly used in cases of separation. Thus, separation has different forms. Here are two of the most common:
This is the common reason why two people need a postnuptial agreement. Most people today are practically opening themselves to the possibility of divorce knowing how complicated life is. There might be, a time in your life wherein both of you do not know exactly what to do and notice that the best thing is to have a divorce. Whenever you have a postnuptial contract, implementing divorce no longer needs a very complex process since everything is already laid out.
Death occurs unexpectedly. Therefore, if you wanted to marry another person, you must also be legally separated with your death wife/husband and having no agreement at all entails you to a very complex processing of documents.
How to Obtain a Postnuptial Agreement
To obtain a postnuptial agreement, you have to talk to your postnup attorney. However, your decisions must be unanimous and both of you are in favor of having such agreement. If you want to look at the appearance of a postnuptial agreement, you can search a postnuptial agreement template in the internet and you can also find postnuptial agreement sample where you can pattern your own agreement from.
A postnuptial agreement is a serious thing decided by the couple alone. No other party must interfere or contribute to the final decision of the couple. A postnuptial agreement might appear as a deviation from the rule of marriage, but this is considered a more practical thing than still living with the person you do not want to be with just because your properties and rights are not separable. A postnuptial agreement can be beneficial to you and your partner and having one does not signify solely that you are certain that you will be separating in the near future.
Prenup vs. Postnup
Before a couple gets married, there are always things to be considered. Bringing in people from different backgrounds to live together requires some sort of an agreement for peaceful coexistence. What has been dominating over time is the prenuptial agreement, popularly known as prenup. It offered a perfect way for settling marital problems. But after 1970s, the idea of postnuptial agreements came to life. Postnup offered an opportunity for couples to draft agreements even after marriage. The two types of contracts are nearly same in features except for a few defining differences.
The Differences between Prenup and Postnup
In as much as prenup and postnup may be similar in many ways, there are some differences that make the whole difference in a marriage. Learn of some differences between the two here below.
The major difference between a prenup and a postnup is the time of execution. A prenuptial agreement is contract signed between couples before getting married. This is to mean that all the details you want covered in marriage have to be included in the contract before you set to the altar. On the other hand, a postnuptial agreement is signed by couples after marriage/civil union. In other words, a postnup caters for the marital needs you have realized after marriage. Therefore, time of signing the contract is the main difference.
Another defining difference between a prenup and a postnup is the recognition by the courts. Courts are known to observe the law, especially when contracts are involved. However, prenuptial agreements have always had an upper hand in case of an event of divorce. While a postnup promises to cater for all the signed needs, courts tend to overrule on some key clauses of a postnup. Some of the clauses in a postnup that are interfered by courts during a divorce include alimony and child support & custody. No matter how you draft a postnup, the courts will have the final say. This happens while the courts have a special consideration for a prenup.
While a prenup cannot be easily edited, a postnup can be easily updated. An edited prenup automatically becomes a postnup. Therefore, a postnup offers good opportunity for adjustments in some clauses of the contract that may need to be changed.
A prenup takes care of all the assets a partner had accumulated before marriage while a postnup will take care of the assets acquired even after marriage. For this reason alone, a postnup has been seen as the best way of solving issues pertaining assets of an individual.
A prenup is also more popular among all the states in America. Postnuptial agreements are yet to seek recognition as in the case with prenup.
Though prenuptial agreements are seen to be having an upper hand over postnuptial, either of the two can be beneficial depending on the circumstances a couple is in.
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.