Nearly everyone has heard of a pre-marital agreement, also known as a prenuptial agreement or “prenup.” Essentially, it is a contract between you and your soon-to-be spouse that sets rules on things like property, assets, and certain marital obligations. Sure, it gets a bad rap because it implies a lack of trust or expectation of divorce, but at its basic, it’s simply an option to avoid potential disputes. In the same vein, married couples who didn’t sign a prenup can enter into what is known as a postnuptial agreement.
We can’t blame you if you’re not as familiar with postnuptial agreements. You may even be wondering if they are really a thing. The quick answer is yes … and they carry many of the same benefits as their counterpart.
How Is a Postnuptial Agreement Different?
The purpose of both documents is to define each person’s rights and obligations during the marriage. The biggest difference is when they each spring into effect. Pre-marital agreements must be executed before soon-to-be spouses say, “I do.” In so doing, potential disputes can be resolved and potentially avoided entirely — especially if the relationship were to ever end in divorce.
Meanwhile, a postnuptial agreement (or marital property agreement) is signed and agreed to during the marriage.
Admittedly, couples who choose to go with a postnuptial agreement have more work ahead of them because any property accumulated during the marriage is automatically assumed to be community property. Therefore, they must work harder to determine how to divide everything in a just and right way.
Additional benefits of a pre-marital and postnuptial agreement include:
- Clearly defining “what is yours and what is mine” when it comes to property distribution
- Defining which debts existed before the marriage
- Making any future legal processes (such as divorce) smoother
- Predetermining certain rights and duties of the potential spouses
- Specifying what happens in the case of death or incapacity
- Determining if money earned by either spouse during the marriage is considered marital money or not
- Improving communication between you and your spouse
- Overall peace of mind
Please call Christman | Daniell for your legal needs today!
Looking for family law services in Collin County, Texas? Christman | Daniell is your premier choice. With years of experience and a deep understanding of the legal landscape, our skilled team is dedicated to helping families navigate complex legal matters. Whether it’s divorce, child custody, or adoption, trust Christman | Daniell to provide compassionate and effective representation for all your family law needs throughout Collin County.