The Key Differences Between a Prenup and a Postnup
Entering into a marriage introduces you to a lot of new legal jargon, and it can be hard to keep track of what’s what. For example, what is a prenup? Is it the same as a postnup? Do you need just one . . . or both?
If you are wondering how you and your current or future spouse will share assets in the case of a separation or divorce, you should learn more about prenuptial and postnuptial agreements.
What Are Prenups and Postnups?
Both prenups and postnups are shortened names for certain legal documents. A prenuptial agreement is a document that is drawn up before marriage is finalized. And a postnuptial agreement is one that is crafted after the wedding has already occurred.
In both cases, the agreements outline details regarding the separation of finances during the marriage and in the event that the marriage ends. Decisions regarding retirement benefits, spousal support and alimony, heirlooms, and more are all ironed out in these agreements.
Of course, deciding whether you need a prenuptial or postnuptial agreement depends largely on your situation. If you’re curious about whether one path is better for your marriage than the other, keep reading to learn more about the pros and cons of each.
The Pros and Cons of a Prenup
You’ve probably heard about prenuptial agreements and may even know a few couples who opted to sign one before their wedding. But why would a soon-to-be-married couple need to take the time to craft and sign a prenup when there is already so much going on?
Prenups are preferable to postnups in many ways because they are easier to enforce. Because the documentation is drafted before the marriage, it is hard to argue that one person coerced the other into signing.
What’s more, prenups are a great way to have an official discussion about finances with your spouse-to-be. This will help you both avoid a misunderstanding later on.
The only real disadvantage to a prenuptial agreement is that broaching the topic with your partner may be difficult. However, agreeing on a prenup can help you and your future spouse understand each other’s financial situations before taking the next step.
The Pros and Cons of a Postnup
Postnups are not as preferable as prenups, but they can still be a good option for some couples. If you are already married and have no prenup, a postnup gives you the opportunity to cover financial decisions you have not yet examined.
Sometimes, financial information only comes to light after the “I do’s” are said. For example, if you later find out that your spouse accrued a lot of debt before your marriage, you may want to legally iron out some details that previously seemed unimportant.
Postnups are better than no agreement, but they can be harder to enforce than prenups. Another disadvantage is that asking for a postnup might make your partner feel that your commitment to the marriage has weakened.
How to Move Forward with Gucciardo Family Law
The right lawyer can make all the difference, whether you need a prenuptial or postnuptial agreement. Call Gucciardo Family Law today to schedule a free new client consultation.
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