As you move closer to your wedding day in New Haven, you may discuss the benefits of a prenuptial agreement with your partner. While some people decide to create this legally binding document, others put it on the backburner and never proceed.
Once you're married, the opportunity to create a prenuptial agreement is gone. However, you're not out of luck, as a postnuptial agreement can do the same thing.
The primary difference between a prenuptial agreement and postnuptial agreement is when it's created. A prenup is entered before marriage, while a postnuptial agreement is entered after you've tied the knot.
Is it the right choice?
Many people would rather opt for a postnuptial agreement as it allows them to avoid an awkward conversation before their wedding day.
Once you're married, you can discuss the pros and cons of a postnuptial agreement without any rush. Some of the things it can do for you include:
- Protect children from previous relationships, such as in your estate plan
- Protect yourself against debt that your spouse brought into the marriage
- Protect yourself in the event that you're quitting work to care for your children
- Define the assets that each individual brought into the marriage
Don't make a mistake
Just the same as a prenup, even a small mistake can invalidate your agreement. Here are some things to avoid:
- Opting for a verbal postnuptial agreement as opposed to one in writing
- Pressuring your spouse into agreeing to the terms and signing the postnup
- Including invalid provisions
- An agreement that's unfair to one person
- Incomplete or inaccurate information
If you make one of these mistakes when creating a postnuptial agreement, it may not be valid in the event that you divorce.
Creating a postnuptial agreement can take quite a bit of work, since you and your spouse have to tackle a variety of details that are not always easy to discuss. Once you have the basic framework in place, you can proceed with creating an agreement that is beneficial to both individuals.
You have legal rights, so make sure you protect them when creating a postnuptial agreement. You don't want to do anything to shortchange yourself.
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