Prenuptial agreements still carry a stigma with a lot of people in Arizona. The concept of having a discussion about asset division before marriage isn’t exactly romantic. However, the practicality of the document leads many married people to wish they had created one.
What is a postnuptial agreement?
A postnuptial agreement is essentially the same thing as a prenuptial agreement; the only difference is the timing. Couples sign prenuptial agreements before their wedding day while postnuptial agreements are created when a couple is already married.
Prenuptial and postnuptial agreements are both documents that set the terms for how assets should be divided in the event of a divorce. These documents may also include agreements about alimony and estate planning issues.
What makes a postnuptial agreement different?
Besides the timing, postnuptial agreements differ from prenuptial agreements in a few ways. One major difference is the fact that after the marriage has already begun, spouses are more in touch with how their financial lives intertwine. Some postnuptial agreements are created not to plan for a potential divorce but to separate assets during the marriage.
Postnuptial agreements may also be created because there have been major financial problems or changes during the marriage. For example, if one spouse develops a gambling addiction, a postnuptial agreement may be set up to protect the other spouse’s assets. If one spouse launches a new business without the other spouse’s involvement, a postnuptial agreement may be used to protect business partners’ investments.
Talk to a lawyer about a postnuptial agreement
A postnuptial agreement may be a couple pages long or the length of a short novel. It all depends on the goals of the couple involved and the nature of the assets that they want to protect.