When a couple gets married, they may not see the need for a prenuptial agreement. They may not have high incomes or valuable assets, or they may not think that divorce is a possibility in their future. Over time, this may change, and there may be a more pressing need to have some type of legal protection in place. While a prenuptial agreement is not possible after marriage, it is still possible to draft a postnuptial agreement.
A postnuptial agreement functions in the same way that a prenuptial agreement does, except that it is put in place after a couple marries. If you’ve seen a significant shift in your financial circumstances since you walked down the aisle, you may consider the benefits of drafting a postnuptial marital contract. This contract can protect your financial interests in case your marriage ends at some point.
Do you really need one?
You may not be certain that you really need a postnuptial agreement. It may seem like a process that does not hold much benefit for you, especially if you do not expect a divorce or do not think that you are rich enough to merit this type of protection. However, some of the reasons why this type of contract could benefit you include:
- You or your spouse decided to quit working and stay home to take care of the children, leaving the stay-at-home parent financially dependent on the other.
- One or both spouses earn more money or have recently encountered circumstances that have led to more wealth or possession of valuable assets.
- One spouse has taken on a significant amount of debt since the wedding or is making poor financial choices.
- The two spouses want to clarify ownership of marital assets and assets each party brought into the marriage.
If you decide a postnuptial agreement is right for you, it is important to carefully draft the contract with the assistance of a lawyer. In case of a dispute, these steps will ensure the agreement is enforceable and your interests will remain secure.
An understanding of your options
It is prudent to have certain legal protections in place, even if you do not think you will need them. It may be helpful to discuss your need for a postnuptial agreement with an experienced Texas family law attorney who can help you understand the options available to you.