The Differences Between Postnuptial & Prenuptial Agreements
When it comes to marriage, we all plan on a long, happy marriage. We do not often think about the possibility of divorce and the often-heated emotional situation it becomes. Couples can benefit from taking some time to plan out their financials and assets in the event of a divorce. Two key legal tools that couples can utilize for this are prenuptial and postnuptial agreements. Below, we will explore what they are and the key differences between them.
Prenuptial Agreements: A prenuptial agreement, often referred to as a “prenup,” is a legal contract that couples enter into before getting married. This agreement outlines how assets, debt, and financial responsibilities will be divided up between both parties upon divorce. This can include things like who keeps the family home, spousal support, and the protection of individual assets that were acquired before marriage. These agreements help couples to make important decisions without the complication of strong emotions that come with divorce.
Postnuptial Agreements: Postnuptial agreements are entered into after a marriage has already begun. They serve the same purpose as prenuptial agreements. Couples who do not have a prenuptial agreement can create a postnuptial agreement at any time. They can also be used to modify or update existing prenuptial agreements.
Key Differences: Although prenuptial and postnuptial agreements are meant to serve the same purpose, they have a key difference: the timing of their creation. Prenuptial agreements are entered into before a marriage begins while postnuptial agreements are entered into after a marriage has already begun. Additionally, postnuptial agreements can be used to modify prenuptial agreements.
Which Option is Right for You?
When you and your partner are deciding on which type of agreement is best for you, you need to consider a few things. The most important thing to consider is when you want to enter into an agreement. If it is before the start of a marriage, then it will be a prenuptial agreement. After a marriage has begun, you will be choosing a postnuptial agreement. Also, if you already have a prenuptial agreement in place, you will need a postnuptial agreement to modify or update it. You can always consult with a family lawyer to understand your options, and which is best for you.
Contact Our Divorce Lawyer Today!
Prenuptial and postnuptial agreements are both legal tools that are used by couples to predetermine things like the allocation of assets and debts, other financial matters, and child custody. A divorce lawyer will be able to help you and your partner create both types of agreements. They can also help you determine which type of agreement is best for your situation. At Zawada Family Law, we are a divorce attorney that you can rely on for these matters in the Worcester, MA area. Contact us today to schedule your consultation!