Couples are getting postnuptial agreements

| Oct 5, 2017 | Prenuptial Agreements

Many married couples live in the Fort Worth, Texas, and Tarrant, Texas, areas. Sometimes, couple’s marriages end in divorce, resulting in property division that is often acrimonious. That acrimony can be precluded by prenuptial agreements, which make unambiguously clear how assets are to be divided. However, some couples don’t have prenuptial agreements, and wind up pursuing postnuptial agreements instead.

A postnuptial or postmarital agreement is much like a premarital contract, setting the terms of any future divorce of the marriage. However, a premarital contract is signed before the marriage starts, and a postnuptial agreement is signed after the marriage has begun. Postnuptial agreements are upheld much less often than premarital contracts are, which is a good reason to construct any postnuptial agreement very carefully with the help of an attorney.

The different legal standing of premarital contracts and postnuptial agreements is substantially because premarital contracts have been used for thousands of years. Originally, they addressed the division of assets if one marital partner died, though now they most often address the division of assets in divorce.

Postnuptial agreements, however, are newer. They are growing more popular though, with a survey of American Academy of Matrimonial Lawyers showing that half of their membership is being asked to write more postnuptial agreements than they used to.

Postnuptial agreements can be spurred by things like cheating in a marriage. When that happens, the couple may want to try to save the marriage, though at the price of a different division of marital assets, in the event of a divorce, than would have happened otherwise. That could be viewed as, in essence, buying time to preclude an immediate divorce. Alternatively, it might provide the couple with an authentic opportunity for reconciliation, presuming of course that there is no repeating of the cheating. Couples who get a postnuptial agreement will be able to address everything from the house to the car to the cash that they accumulated while husband and wife.

Source: Bloomberg, “Why More Couples Are Signing Postnuptial Agreements,” Ben Steverman, accessed Oct. 06, 2017

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