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Missed the prenup? Consider a postnuptial agreement

The wedding venue. The guest list. The dress. The cake. There’s a lot to think about when you’re getting married. For many people, the last thing they want to think about is something unromantic, such as a prenuptial agreement.

Unfortunately, this should be as important as the choice of your Best Man or Maid of Honor. A prenup helps protect you in case the relationship doesn’t last. However, even if you’ve already married, you can have a postnuptial agreement created that will do the same thing.

A postnuptial agreement dictates how the couple’s assets and financial affairs will be handled if they decide to separate or divorce. A legal contract, this document can address a number of issues, such as debt division, child and spousal support or even who will do what in terms of household labor.

Many people choose a postnuptial agreement if they have been married before and there are children from another marriage. This document can ensure that your children receive those assets that you deem should be theirs. It can also be used for a homemaker who has left his or her job and wants to make sure there will be financial support should the marriage end.

Each party should have his or her Texas attorney review the postnuptial agreement, as this can help ensure that it will stand up in court should it be needed. It’s not easy to talk about a divorce when you’re happily married or about money matters in general. This is a great way, though, to ensure your security should the fairytale relationship end.

Source: ABC News 7, “Forget the Prenup: Why You May Need a Postnuptial Agreement” AJ Smith, Feb. 16, 2015