Postnuptial agreements can be extremely useful for couples who did not sign a marital agreement prior to marriage. A postnuptial agreement is similar to a prenuptial agreement, except that it is signed after a couple is already married.
A couple can enter into one of these agreements days or years after they get married. These marital contracts stipulate how the couple will divide their assets and liabilities in the event of a legal separation, divorce or death.
The American Academy of Matrimonial Lawyers reported that at least 50 percent of attorneys are receiving more requests for postnuptial agreements in recent years. Some reports suggest the reasons for the increase in postnuptial agreements might include:
Infidelity: Affairs are one of the most common reasons for a postnuptial agreement these days. For example, if a husband cheats on his wife, the wife might demand a postnuptial agreement in order to take him back. These agreements often stipulate that the aggrieved spouse will receive more alimony or additional assets in the event of a divorce.
Recent inheritance: Because millennials are getting married later in life, they often have more assets to protect. Unlike a prenuptial agreement, a postnuptial agreement can alleviate the pressure of forcing your partner to sign an agreement prior to marriage.
Problems in a marriage: Postnuptial agreements can be beneficial for couples going through a rough time. Because postnuptial agreements are only valid if both spouses agree, it can allow the couple to resolve their disagreements and feel secure knowing their assets are protected in the event of a divorce.
There is no time requirement to enter into a postnuptial agreement, but you never know what the future holds. To protect your assets in the event of a divorce, consider talking with your spouse about singing a prenuptial or postnuptial agreement before it is too late.