You may be most familiar with prenuptial agreements, but did you know there are also postnuptial agreements? Postnuptial agreements work similarly to prenuptial agreements, and couples can create one whether they’ve been married 10 days or 10 years. These agreements can protect you and your spouse’s wealth and assets in the event of a divorce.
Entering into a postnuptial agreement doesn’t mean you lack faith in your marriage. In fact, some experts believe there are many potential benefits to an agreement:
- Identification of relationship threats. A postnuptial agreement can force you to bring sensitive issues to the surface. This can be a terrifying prospect but may prevent a conflict from developing down the road.
- Better understanding of the legal process. This process will give you a glimpse into how you and your spouse’s assets may be divided without an agreement, as well as giving you an idea of how much a divorce may cost you.
- Greater incentive to resolve issues. When you or your spouse realize the possible financial consequences of a divorce, it may encourage better conflict resolution. Getting a glimpse into what you stand to could strengthen your commitment to your marriage.
- Heightened sense of security should divorce occur. Sometimes differences are irreconcilable. For a spouse who is financially dependent on their better half, losing that support is scary. A postnuptial agreement can help ease those worries for you.
A postnuptial isn’t for “when,” it’s for “if”
Proposing any nuptial agreement to your spouse can feel unnerving. If you understand the benefits of such an agreement, you can lay out the many benefits of protecting yourselves in the event of a divorce. You may even find that resolving your issues ahead of time reduces the potential for future conflict in your marriage.