Can You Get a Prenuptial Agreement After Marriage? Yes, But It's Called a Postnuptial Agreement
The short answer is yes, you can create a legal agreement similar to a prenuptial agreement after you're married. However, it's not called a prenuptial agreement; instead, it's known as a postnuptial agreement.
While both prenuptial and postnuptial agreements serve to define how assets will be divided in the event of a divorce or separation, there are key differences in their creation and enforceability. Understanding these differences is crucial before pursuing either option.
What is a Postnuptial Agreement?
A postnuptial agreement is a legally binding contract between spouses that outlines how their assets and property will be divided in the event of a divorce or separation. It essentially addresses the same issues as a prenuptial agreement but is created after the marriage has taken place. These agreements can cover a wide range of topics, including:
- Division of assets: This includes real estate, bank accounts, investments, and other valuable possessions.
- Spousal support (alimony): The agreement can specify whether and how much alimony will be paid in the event of a divorce.
- Debt allocation: How debts incurred during the marriage will be handled.
- Inheritance: How inheritance received during the marriage will be treated.
- Property ownership: Clarifying ownership of assets acquired after the marriage.
Why Would Couples Create a Postnuptial Agreement?
Several reasons might prompt a couple to consider a postnuptial agreement:
- Significant change in financial circumstances: One spouse may experience a substantial increase or decrease in wealth after the marriage, prompting a need to re-evaluate asset division.
- Second marriage with existing assets: Blending finances and assets from previous marriages can be complex, necessitating a clear legal agreement.
- Desire for greater clarity and control: Even couples who are happy and confident in their relationship might want the security and clarity a postnuptial agreement provides.
- Protection of business interests: A spouse with a significant business investment might want to protect it from potential claims in a divorce.
- Reconciliation after separation: Couples who have separated and are reconciling might use a postnuptial agreement to redefine their financial arrangements.
How Does a Postnuptial Agreement Differ From a Prenuptial Agreement?
The main difference lies in the timing. Prenuptial agreements are created before marriage, while postnuptial agreements are created after marriage. This timing difference can influence the enforceability of the agreement. Courts generally scrutinize postnuptial agreements more closely than prenuptial agreements to ensure fairness and that both parties entered into the agreement freely and with full understanding of its implications.
Are Postnuptial Agreements Always Enforceable?
While postnuptial agreements are generally legally binding, courts will review them for:
- Fairness and equity: The agreement must be fair and equitable to both parties, considering their financial circumstances and contributions to the marriage.
- Full disclosure: Both spouses must have fully disclosed their assets and liabilities before signing the agreement.
- Voluntariness: Both parties must have entered into the agreement voluntarily, without coercion or duress.
If a court finds that a postnuptial agreement was unfair, was entered into under duress, or lacks full disclosure, it may not be enforceable. Therefore, it is crucial to seek independent legal advice before signing a postnuptial agreement.
What Happens if One Spouse Refuses to Sign a Postnuptial Agreement?
If one spouse refuses to sign, the other spouse cannot force them to do so. However, the refusal might influence how a court divides assets in the event of a divorce. The refusing spouse's refusal could be interpreted as a lack of transparency or fairness, potentially impacting the court's decisions.
Is it Worth Getting a Postnuptial Agreement?
The decision to enter into a postnuptial agreement is highly personal and depends on individual circumstances. Consulting with a qualified family law attorney is crucial to assess the potential benefits and risks associated with such an agreement. A lawyer can help ensure the agreement is fair, legally sound, and protects your interests.
This information is for general knowledge and does not constitute legal advice. It's always best to consult with a legal professional for advice tailored to your specific situation.
