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Posted by: Maricopa Lawyers on Feb 9, 2015

While we’ve all heard of a prenuptial agreement thanks to the supermarket tabloids, there is the less common post-nuptial agreement, which occurs after you’ve already tied the knot.  A postnuptial agreement is a legal contract, that much like the prenup version, dictates how the couple’s financial affairs will be settled in the event of a divorce or separation.  This can be applied to assets you’ve acquired individually and together from both before and after your wedding day.  You can also address incurring debts and spousal or child support in an postnuptial agreement.

One reason you might consider a postnuptial agreement is if you have children from a previous marriage.  You may want to ensure that some of your assets go to your children regardless of what ultimately happens with your marriage.  You might also want to get a postnuptial agreement if you step out of the workforce to spend a significant amount of time caring for your children and want to ensure you’ll be financially secure.

Keep in mind that establishing a postnuptial agreement can offer security, but it doesn’t guarantee you will avoid challenges, court battles or that you will receive everything you are entitled to in the event of a separation.  A prenuptial agreement is the best possible agreement, as courts prefer a statement that is drawn up before the union, not after the fact. Certainly, a postnuptial agreement is better than no agreement at all, but experts tend to agree that a prenuptial agreement is preferable from a legal standpoint and postnuptial agreements may not be enforceable everywhere. It’s important to know that ultimately a court could decide not to abide by one.

Talking about money and the possibility of separating can be awkward and challenging, but it can be crucial in protecting yourself, especially if you’re a stay-at-home spouse, expecting an inheritance, a recently fiscally successful person or joint owners of a business.