While it’s hard to imagine, marriage doesn’t always last until death. Nearly half of all marriages end in divorce. There are all kinds of reasons people get divorced, such as infidelity, spousal abuse, parenting differences and financial troubles.
Many people prepare for possible difficulties in their marriage by creating prenuptial agreements. Prenups are useful to establish what happens if there’s a divorce but it can also be used if a spouse has children from another marriage to protect their interests. Here’s what you should know:
What is a prenuptial agreement?
Prenups are often made so that couples can assess what assets they keep if there’s a divorce. In other words, assets the couples bring into a marriage, typically, return to them if there’s a divorce. A prenup is a legal document that’s made before marriage. A prenup can’t be made after marriage. Some people find it unromantic to bring up making a prenup before marriage, but there are several benefits. For example, a prenup could determine if a spouse is in the relationship for love or money and it could help determine what each spouse is committed to in the marriage.
People can also use prenups to determine alimony. Alimony is financial support given to one spouse from the other. Alimony often lasts for a fraction of the length of the marriage or until the payee remarries.
What is a postnuptial agreement?
If you’ve missed your chance to make a prenup or feel like you need to make changes to one, then you can make a postnuptial agreement. A postnup is made after marriage. People often make prenups to reestablish what assets each spouse keeps after divorce, such as inheritance or a business.
Are you thinking about making a prenup or postnup? Then you may need to learn about your legal options when drafting these complicated legal documents.