As your wedding day inches closer, you may want to discuss the creation of a prenuptial agreement with your partner. If you don't get around to this or are unable to settle on terms, you may think that you've missed your opportunity.
While you can't create a prenuptial agreement after you tie the knot, there's another option: a postnuptial agreement.
A postnuptial agreement is generally the same as a prenuptial agreement, with the primary difference being that it's created after you get married.
Is a postnuptial agreement the right idea?
Some people miss the opportunity to create a prenuptial agreement before their wedding day because they're too busy. Others shy away from this because they don't want to ruffle any feathers during what's supposed to be a joyous time.
Once your wedding day is in the past and things settle down, you may find it easier to discuss the creation of a postnuptial agreement.
Some of the many benefits of creating a postnuptial agreement include:
- The ability to ensure that children from a prior marriage remain a part of your estate plan
- To prevent you from being responsible for any debt your spouse brought into the marriage
- To clearly define any assets that both individuals brought into the marriage
For example, if your spouse has tens of thousands of dollars in credit card debt, you don't want to be responsible for this should you divorce. Writing this into your postnuptial agreement can give you peace of mind.
Is your postnuptial agreement valid?
Creating a postnuptial agreement is easier said than done, as there are many legalities you must consider. Here are some of things that can invalidate your postnuptial agreement:
- You have a verbal agreement, not a written agreement
- One of the individuals did not have the necessary time to review the agreement
- One of the individuals signed the agreement under duress
- The inclusion of invalid provisions
- The inclusion of incomplete or inaccurate information
If you're interested in creating a postnuptial agreement, discuss the finer details with your spouse. Once you agree that it's a good idea, focus on what you want to include and then turn your attention to making it legal.
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