Prenuptial agreements have been well known and commonly used for some time. These days, postnuptial agreements are a growing, new trend in marital contracts. These legally binding documents are distinguishable from prenuptial agreements, as they are signed after a couple is married.
Postnups can include terms related to many different areas of the married couple’s life. The terms might focus on the couple’s assets or debt, including their financial accounts. They might also lay out custody terms for the couple’s children, or even, their pets.
There are many different reasons for pursuing a postnup. Couples who are happy with their marriage but want the added peace of mind just in case they end up divorcing years later might consider a postnup.
For these couples, postnups are similar to an insurance policy. They hope they will not need the agreement, but it is nice to have just in case.
Other couples create a postnup because their marriage is already struggling. They may want to lay out their terms in case they end up divorcing.
Of course, few couples tie the knot thinking the marriage will end in divorce. Nevertheless, with the rising divorce rate in the United Sates, many couples feel more comfortable about their future after signing a postnup. In addition, some people who have been through a divorce in the past might feel more secure the next time around with a postnup.
If you pursue a postnuptial agreement, it is important be honest and open about your finances, assets, and debts. Both spouses should practice full disclosure when creating the postnup. If both people are not truthful in this area, the postnup might not hold up in court.
Source: ABC, “Postnuptial agreements becoming more common, signed after couples get married,” Ric Romero, August 29, 2012.
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