What Is the Most Common Reason People Get Postnuptial Agreements? A Discussion Marriage’s Insurance Policy
As attorneys who practice family law here in Florida, we regularly receive a number of questions about prenuptial (prenup) and postnuptial (postnup) agreements; For example, questions such as: What is the least ‘negative’ way to discuss the need for a prenup with one’s partner? Or, what is the most common reason people get a postnup instead of a prenup? Below, we discuss some of these questions in greater detail:
The Three Circumstances Where You Must Have an Agreement in Place
The reality is that prenups are not about mistrust, but have rather become more like any other type of insurance that you have. It’s hopefully something you won’t need, but something you will be glad you have if you eventually do need it. In fact, legally, there are three circumstances within which it is essential to have such an agreement: When someone runs a family business, any relationship where one partner has more assets than the other, and any second marriage with children.
The Benefits of a Postnup
Postnups are very similar to prenups – with the same provisions and general terms as prenups – and cover the same important topics such as alimony and spousal support, property division, estate planning, etc. One of the most common reasons people obtain a postnup instead of a prenup is that they were unable to get a prenup done prior to their wedding, and rushing to get a prenup done in time for the wedding can be a reason to invalidate the agreement, therefore, it can be a better decision to take your time and simply put together a postnup instead.
However, that isn’t the only reason why people pursue postnups. A variety of circumstances that come about after marriage may warrant entering into a postnup, such as:
- Receiving a significant inheritance
- When one partner makes certain economic choices that should be kept separate from the other partner, for example, those that carry a certain amount of financial risk
- When one partner starts a business and does not want the other partner involved or able to claim a portion of the business in the event of divorce
Contact Our Florida Family Law Attorney to Find Out More
Pre- and postnuptial agreements are by no means just for the wealthy. They serve as insurance policies and an assurance for each individual, especially for those who have certain commitments. Similarly to the prenup process, drafting a postnup involves each partner being represented by their own legal counsel so as to ensure that each one properly understands their rights and what is included in the agreement. Contact a West Palm Beach family attorney at the office of William Wallshein, P.A. today to find out more about these agreements and our family law services.