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If you don’t have a prenup, is it too late to protect yourself?

Many people fear that their marriage could one day eventually lead to a divorce. Perhaps this is because it’s believed that half of all marriages end in divorce. Even if this may not be entirely statistically correct, even the strongest marriages can still end in divorce.

One way people can feel more secure about their marriage is by creating a prenuptial agreement. A prenuptial agreement is a legal document that outlines what would happen if a couple decides to get a divorce. 

For example, a prenup may outline what happens to assets after a divorce. Typically, nonmarital assets would go back to the respected owners and marital assets could be split. Additionally, a prenup may include alimony, which is a form of financial support that could, for instance, be given to the spouse who has a lower income.

The main thing to remember when considering making a prenup is that it must be made before marriage. If a couple is already married, then they can’t make a prenup. However, people can make a postnup. What is a postnup? Here’s what you should know:

The benefits of a postnup agreement

A postnup works essentially just like a prenup. A postnup outlines what happens with certain legal matters if there’s a divorce, such as asset distribution and alimony. But, a postnup is always made after marriage.

There is an advantage to making a postnup, even when you have a prenup. A postnup can be used to redefine the terms of a prenup. This could be useful in several ways. For example, someone who wishes to start a business could include any business assets in a postnup. This way the business assets would go entirely to the spouse who funded and ran the business — and wouldn’t be subject to division in a divorce. That’s security that many people feel like they need, no matter what the state of the marriage.

When deciding on a prenup or postnup, it may help to reach out for legal help to learn about your options.

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