Can You Get a Prenup After You Get Married
Information technology's not exactly romantic to think almost creating a prenuptial understanding when embarking on a new marriage.
Planning the honeymoon, picking out the wedding cake and designing the invitations - yes, plenty of fun. Outlining the parameters of a potential separation, non so much.
Read our guide to preparing your finances for marriage .
For those who may have skipped the prenuptial agreement and are having 2nd thoughts about doing and then, all is non lost. Even afterward exchanging vows information technology'southward possible to create a legal document outlining the division of assets, debts and more. Though once you've walked downwardly the alley and said "I do" the certificate is called a postnuptial agreement. Hither's what you lot need to know near postnups and why you might want one.
What is a postnuptial agreement?
Postnuptial agreements take the aforementioned general terms and provisions as a prenuptial agreement, said Arthur Ettinger, chair of the family law department for the New York office of Greenspoon Marder, a law house. The agreements cover a variety of subjects tied to the end of a union (whether through divorce or decease of a partner) such as partitioning of assets, alimony and estate planning.
"Information technology is just signed after the parties wed," said Ettinger. "The most common reason people sign a postnuptial agreement is that they were unable to get the prenuptial understanding washed in fourth dimension prior to their hymeneals solar day. Rather than rush and sign the twenty-four hour period of the wedding, which tin can often be used as a basis to set aside the validity of the prenup, the couple may agree to tabular array signing the document until they return from their honeymoon."
Why yous might desire a postnuptial agreement
In that location are many reasons why a postnuptial agreement might be a wise move. Such a document may be a practiced idea if the union seems to be on shaky ground and may not work out. These agreements can also be helpful when one partner inherits a significant amount of money or property that they want to go along divide from the joint assets.
A postnup may also be useful if one partner makes an economical choice the other disagrees with, said Gabrielle Hartley, divorce lawyer, and founder of Better Apart Divorce Coaching & Mediation. Say your partner makes a huge investment in a friend'southward visitor. A postnup tin can help shield you from the consequences if the investment goes sour.
Postnuptial agreements are as well common when one partner starts a new company or business and doesn't want the spouse involved in financial decisions or to be able to lay claim to the business in the event of a divorce, said attorney Tonya Graser Smith, founder of GraserSmith, a family unit law firm.
We have a guide to figuring out your taxation filing status here , and a guide on how to file them .
What's involved?
Creating a postnup is not complicated, said Regina DeMeo, an attorney and professor at The George Washington University Law School. The process typically involves a consultation with a lawyer and developing a draft agreement.
"The key is to make sure each person has his or her own counsel and understands how this contract modifies his or her rights to claim support or assets in the event of a divorce," said DeMeo. "Both parties need to have their own counsel that has properly explained the agreement in order to avert a claim afterwards that one party did not fully understand what he or she was signing."
An added bonus
Wanting a prenup or postnups does not necessarily mean the partners in a matrimony do not trust each other. Rather, they can be an opportunity for a couple to talk about their expectations for marriage, said Katherine Eisold Miller, founder of Miller Law Group.
"People often spend more than time discussing the color of the napkins and the flower arrangements than their expectations and assumptions about coin," said Miller.
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Source: https://www.policygenius.com/personal-finance/news/can-you-get-a-prenup-after-youre-married/
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