According to reports, the Brangelina celebrity couple have an ironclad prenuptial agreement that will make dividing their collective $400 million fortune go rather smoothly.
Contrary to popular opinion, though, prenups aren’t only for the super wealthy. In fact, if you’re married and don’t have a prenup, you can still take action to protect yourself by developing a postnuptial agreement. In this article, we’ll tell you why and how.
Postnuptial Agreements at a Glance
Simply put, a postnuptial agreement is a contract that is signed after a couple is married or has entered into a civil union. Just like a prenup, the postnup can spell out instructions for possible conflicts over finances, property, probate matters, etc.
The Growing Popularity of the Postnup
Just a few years ago, the American Academy of Matrimonial Lawyers (AAML) reported that 51% of its members had seen an increase in postnuptial agreements.
Ken Altshuler, president of AAML, said “Postnuptial agreements are becoming a valuable tool to avoid trouble spots from escalating into serious conflicts that can jeopardize a marriage. Often one of the most common motivators for these agreements is a dramatic change in the financial status of one or both partners during the marriage.”
What Must Be Included in a Postnup?
While each state has its own guidelines for postnuptial agreements, they generally must be:
- Written (oral agreements are no good)
- Signed by both spouses
- Fair to both sides
Here in California, spouses entering into a postnup must provide the other with full disclosure of all information relating to the items and issues in the agreement.
Is a Postnup for You?
Bringing up finances can be on the tricky side but just about all of us have some property that is worth protecting.
If you have children from a previous marriage, a postnup is a great way to ensure that some of your assets will go to them.
If you and your spouse are going through a rough stretch, signing a postnup with terms that are favorable to your spouse can show that you’re serious about wanting to repair the marriage.
Writing a Postnup is Not a DIY Job; Call The Men’s Legal Center for Help
Prenuptial and postnuptial agreements have a host of limitations and loopholes, and there’s really no way to predict how a court may rule on any such agreements. That’s why it’s crucial to have professional and skilled legal help to guide you through the process.