Many Minnesota readers already know a little but about pre-nuptial agreements, which are contracts that a soon-to-be-married couple signs before the big day that creates a plan of action in the event that they divorce in the future. Pre-nups are popular among people with significant personal or family wealth the accumulated before the marriage, as well as for couples who are concerned about one-of-a-kind assets like a family heirloom.
Post-nuptial agreements have become particularly popular among couples who have been married and divorced previously, especially if one of the previous divorces was contentious. The agreements can also be very helpful for couples with complex assets, debts, child support from a previous relationship, or other financial assets and obligations.
While it may be difficult to approach the topic of a post-nuptial agreement with a new spouse, the discussion can be helpful in creating a comprehensive picture of your new lives together. One of the most essential elements of a successful post-nuptial agreement is a full disclosure of all assets and debts. Discussing these issues can also be beneficial for long term financial planning as a couple.
Still, some couples struggle to discuss contingency plans for the end of their relationship. In those situations, it can be helpful to take a break from completing the agreement but making sure to have a deadline to restart the process after both spouses have had some more time to consider the issues.
More information about various contracts that a couple might choose to execute can be found on our Minnesota family law site.
Source: ABC 7, "Postnuptial agreements becoming more common, signed after couples get married" Ric Romero, Aug. 29, 2012