People have to make a lot of preparations before they get married. One of the many things people may consider is creating a prenuptial agreement (or prenup for short). A prenup, essentially, protects each person’s assets in a marriage if there were ever a divorce. Alternatively, people can get a postnuptial agreement (or postnup for short), which acts in much the same way.
Are there any major differences between a prenup and a postnup? Is it better to get a prenup or postnup? Here’s what you should know
Prenuptial agreements
Prenups can be good at determining who owns what assets and establishing financial responsibility if there’s a divorce – while reducing much of the hassle of the divorce process. A prenup may decide whether one spouse has to pay alimony after divorce, which may help determine if someone is marrying for financial gain. Some people may even include children in their prenup to support their future.
Prenups, however, can only be made before marriage. While that may sound like you’ll be stuck with the same prenup you made before marriage forever, you do have the option of making a postnup to revise your agreement down the road.
Postnuptial agreement
Postnups can do almost everything that a prenup can – and more. Postnups, unlike prenups, are made after marriage and only after. Prenups can help reestablish what assets are protected – this is useful for people who start businesses or gain an inheritance while married.
Prenups, however, can’t be made with the intent of protecting your assets before an oncoming divorce. This may put the brakes on anyone wanting to take more than their given share in their marriage and thinks a prenup would be a good idea before asking for a divorce.
If you’re planning for the future, you may need to consider your options when looking into family law.
