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Although prenuptial and postnuptial agreements are a sensitive topic for couples, many people have found that by establishing financial boundaries, their relationship has improved.
With alarming statistics that about 50% of marriages end in divorce and that Arizona has the 10th highest divorce rate in the country, preparing for the possibility of divorce is a responsible action for couples to take.
What’s the Difference Between a Prenuptial and Postnuptial Agreement?
Post-nuptial and prenuptial agreements are very similar, the major difference is that a prenuptial agreement is signed and discussed before the wedding and a post-nuptial agreement is discussed after the marriage.
By agreeing on financial boundaries before the marriage, both individuals know what to expect if the marriage ends in divorce. Prenuptial agreements establish certain terms such as: who will control property interests, how the property will be divided, and even who will pay alimony and how much.
Prenuptial agreements do not discuss who will have child custody if the couple divorces. It is unlawful to include future agreements about an unborn child in a prenuptial agreement.
In addition, prenups cannot discuss child support. Although prenuptial agreements help couples prepare for all outcomes of their marriage, the agreement only includes the two individuals in the relationship and the financial situations of the divorce.
In many marriages, financial situations can cause a relationship to fall apart. Post-nuptial agreements are discussed after a couple has been married and it establishes a clear financial boundary for each individual.
Many times a post-nuptial agreement is signed to eliminate the hassle and stress of combining finances with a spouse. Post-nuptial agreements are commonly used as an alternative to divorce. A post-nuptial agreement is intended to defuse financial concerns between couples and establish boundaries for the future.
Who Should Get a Prenup or Postnup?
Many experts in law say that signing a financial agreement before or after marriage is applicable to almost everyone. Despite the preconceived notion that prenuptial or postnuptial agreements are intended for the wealthy, the discussion of a couple’s financial future is important to many people and relationships.
If you and your significant other are discussing a prenuptial or postnuptial agreement, our experienced family law attorneys can provide professional legal guidance during the process. Get in touch with JacksonWhite today to discuss your options.
Call the Family Law Team at (480) 467-4348 to discuss your case today.
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