Minnesota readers may be aware of the advantages of a prenuptial agreement. Many couples, with or without large assets, prefer to get a prenuptial agreement before they tie the knot. Interestingly, couples that decided not to sign a prenuptial agreement are now becoming more and more interested in getting a post-nuptial agreement.
The ideas behind drawing a prenuptial agreement and a post-nuptial are similar. Like a prenuptial agreement, a post-nuptial agreement helps in defining specifically how the assets and income will be divided in the event of divorce. Also, a post-nuptial agreement can prevent properties owned prior to marriage, inherited or received as a gift from becoming a joint property. Similarly, debts can also be kept separate in a post-nuptial agreement.
Like a prenuptial agreement, post-nuptial agreements are legally binding documents. The only difference between the two is that a post-nuptial is signed after the marriage vows have been taken, unlike a prenuptial agreement which is signed before marriage.
For some couples, post-nuptial agreements are disfavored because they may prevent one partner from retaining rights over the other partner's properties. Additionally, many couples believe in building up relations on contract of love, rather than planning for divorce from the beginning of the marriage.
However, many couples still opt to sign a post-nuptial agreement, as it helps in protecting their assets, incomes and valuables in the event of divorce. A couple can plan the division of all assets including bank accounts, personal properties, pre-marital assets or assets earned during marriage.
It is often helpful for all couples to draw up guidelines regarding the division of assets in the event of divorce. Almost all U.S. states treat post-nuptial agreement as legally binding contracts. Thus, a meticulously drawn post-nuptial agreement is required in order to carefully protect assets in the event of a divorce. It is advisable to consult a family law attorney who can guide individuals through the sanctioned law of the state and help in protecting one's assets as well as rights.
Source: Fox 24 News, "Post-Nuptial Agreements Growing Trend in Marriages in U.S.," Franque Thompson, Jan. 4, 2013