FAQs: Prenuptial Agreements
Should I have a prenuptial agreement with my future spouse?
The answer to this depends on your specific circumstances, and on the two of you as individuals. Financial planners and divorce attorneys argue that prenuptial agreements should be considered if any of the following particulars apply:
- there are children involved from a previous marriage,
- there is an individual ownership of a business or family company,
- there are significant individual assets
- substantially unequal income between parties, or
- there is a concern about a future spouse’s personal debt. Since laws about what constitute marital property and what governs the division of assets after marriage varies from state to state, a prenuptial agreement can work as a legal protection mechanism for both parties.
Often, prenuptial agreements are misunderstood. It is argued that prenuptial agreements are an attack on trust, or evidence that financial matters outweigh the presence of love in a marriage. This is not necessarily true. Most prenuptial agreements are made by couples who have children or grandchildren from prior marriages and want to ensure that individual property such as businesses or estates pass down to the family rather than the spouse. Regardless of the circumstances, prenuptial agreements are a comprehensive decision, and should be approached bereft to emotion misconceptions.
Can a prenuptial agreement be modified after marriage?
Any terms of a prenuptial agreement can legally be altered or modified in the future if both parties so decide. Other terms of the prenuptial agreement no altered will remain intact unless both parties revoke the entire agreement in writing.
What is a post nuptial agreement?
Post nuptial agreements are becoming increasingly common. Post nuptial agreements are much like prenuptials but are drafted and signed after a couple has been married. Post nuptials can be drawn up at any time during the course of a marriage, and can be altered in the same way as a prenuptial agreement.