Taking A Look At Skipping The Prenup And Going For A Postnup After You Get Married

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Getting married involves a lot of planning and change, but between the wedding plans and combining of two lives into one, there is one big component that may get left out: the combination of two financial lives. Once the vows are said and you and your partner are off to start your new life together, you may come to the realization that combining your finances is a little harder than you expected. After all, in some relationships even bringing up finances can be a touchy subject and especially so if you start talking about what will happen if the marriage dissolves. A postnuptial agreement is a good idea if you want to get some things set in stone once the legal union has already taken place. 

How do you go about creating a postnuptial agreement?

A postnup is created with a family lawyer just the same as a prenup. You and your partner will visit the chosen attorney and go over what you want to happen if the marriage or relationship does end. You will enter into a legally binding contract that contains both parties' signatures of agreement. This legal contract will lay out all aspects of the finances and aspects that will be left to contend with from either of you and what will happen with each component. 

What all can a postnuptial agreement include?

The postnuptial agreement can cover an array of financial aspects. Of course, your primary concern may be to designate what will happen with each person's individual properties, assets, and money, but beyond this, the postnup can also include:

• coverage for what is acquired as a joint effort during the relationship
• what happens with property and assets acquired individually throughout the marriage
• how to handle debts that were incurred during the marriage either jointly or separately
• who would be entitled to spousal support and what amount would be fair
• who would be entitled to child support and how much 

Who should get a postnuptial agreement?

There are no set standards for who should have a postnuptial agreement in place, and in fact, the agreement can be beneficial in any marriage. However, there are some situations where a postnuptial agreement makes more sense. For example, if you and your spouse have had marital issues and a divorce becomes a bigger threat, it may be a good time to get a postnup. Also, if you have prior assets or accrue a major financial gain or asset during a marriage, a postnuptial agreement will keep you protected. 

For more information, contact Slayton Law or a similar firm.

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5 January 2016