Prenups and Postnups: What Are They and Why Are They Beneficial?
Posted on: May 25, 2022
The term prenup used to primarily be applied to the very wealthy in case of divorce so assets could be distributed fairly. No longer. It has changed into a common practice among couples of all income levels. In the event of divorce, it is important that your assets are protected regardless of income class.
The main difference between a prenup and a postnup is when the agreements are signed. However, there are differing benefits to both. Explore your options on whether a pre-marital or post-nuptial agreement is right for you.
If you are soon to be married or are already married, contact the Law Office of Michael L. Fell at (949) 585-9055 , or request a confidential, free consultation. To learn more about the pre-marital and post-nuptial agreements, read below.
Isn’t a prenup an indicator that our marriage might fail?
Simply put, no. Of course, no couple goes into a marriage expecting it to fail. Life happens though, and sometimes things don’t work out. In the event of the marriage resulting in divorce, a prenuptial agreement is created to ensure your assets are protected and returned to you. Some of the most common uses for prenups are:
- Excluding certain assets from community property
- Setting pre-determined spousal support or child support
- Assigning responsibility for debts
- Assigning custody for any children
- Preserving the inheritances of children from a prior marriage
Prenups protect both spouses. If an agreement leans toward being one-sided, it may not hold up in court. To ensure it holds up, it needs to be equally fair for both spouses, have their lawyer(s) present when they sign it, and express 100% honesty about their assets and debts.
What if we didn’t sign a prenup before marriage and we want an agreement now?
Don’t worry, it is never too late to create a postnuptial agreement. Whether you’re newly married, or have been married for many years, you can always create an agreement with a postnup. This trend is becoming popularized in today’s world. As a marriage thrives and grows, it is important to protect what you have built. A lot of the common uses for a prenup can be applied to a postnup.
The biggest difference is simply the timing the agreements were signed. However, even if you have signed a prenuptial agreement, you can always create a new contract with your spouse to reflect your marriage’s current assets.
Secure your assets today
If you would like more information about pre-martial and post-nuptial agreements, please contact us at (949) 585-9055 or request your free initial consultation with our family law attorney, Michelle L. Tran. After many years of experience in divorce cases, Attorney Tran knows what points typically become most contentious and she can help you shape your agreements accordingly.
