While more couples are becoming open to the idea of executing a prenuptial agreement, others remain reluctant to take this step. Here, this reluctance may stem from the practical belief that they have nothing worth protecting to the romantic (and perhaps somewhat naïve) belief that divorce will never enter the equation.
What happens, however, if a couple has second thoughts about their decision not to execute a prenuptial agreement soon after the wedding or even many years down the road? Are they officially out of luck?
The answer to this question is a resounding no, as a couple may execute what is known as a postnuptial agreement.
In general, a postnuptial agreement functions in much the same way as a prenuptial agreement in that it allows a couple to formalize their expectations concerning everything from child support and child custody to property division and, of course, alimony.
While people might think that postnuptial agreements are somehow reserved for multi-millionaires or those who stand to inherit a fortune, this is not the case.
Indeed, postnuptial agreements are frequently executed in those situations where the spouses are in their second or third marriage, and want to ensure that at least some of their assets will be able to be passed on to their children from their first marriage.
Other common scenarios in which a couple may decide to execute a postnuptial agreement include when one spouse leaves the workforce to devote their time to raising children or the small business owned by one spouse experiences considerable growth since the marriage.
If you would like to learn more about the peace of mind offered by either a prenuptial agreement or a postnuptial agreement, please consider speaking with an experienced legal professional who can answer your questions, explain the law and examine your unique circumstances.