Whether they are caught up in the whirlwind of wedding planning, find the topic to be unromantic or for any other number of reasons, many couples in Gulfport do not draft a prenuptial agreement (prenup) prior to getting married. And, that is unfortunate because drafting a prenup opens the lines of communication regarding finances and expectations that can serve as the groundwork for a solid relationship. However, even if one has not drafted a prenup, it is not too late. They can draft a postnuptial agreement (postnup).
A postnup is much like a prenup, except it is created after a couple has been married. Like a prenup, a postnup establishes what each spouse's responsibilities are both during the marriage, and what rights the parties will have with regards to issues, such as property division, debt allocation and spousal support, should the couple later divorce.
In fact, a postnup can be helpful for couples who are already married, but are not seeing eye-to-eye financially. It gives couples the chance to go over their assets and debts. For example, what assets and debts will be held jointly and what assets and debts will be held individually?
It also gives couples a chance to address their spending habits, and how these affect their marriage. For example, a postnup can include a provisions about how much each spouse has to spend and what they agree to save.
Postnups can even address what to if one spouse becomes disabled or dies. Most importantly, a postnup is an agreement that each spouse finds to be mutually acceptable.
Couples in Gulfport who neglected to create a prenup for whatever reason still have a chance to create a postnup after the wedding is over. But, to ensure the postnup is fair to both spouses, it may be advisable for each of them to consult with an attorney before signing on the dotted line.
Source: The Huffington Post, "Why a Post-Nuptial Agreement Can Save Your Marriage," Lynn J. Maier, Esq., Dec. 7, 2011