Ocean City residents who are engaged to be married may want to think about their financial future, including the possibility that their marriage may not last. For this reason, they may execute a prenuptial agreement before walking down the aisle. However, couples who failed to execute a prenup prior to marrying have another option: executing a postnuptial agreement.
Postnups are similar to prenups
While postnups are entered into after a couple marries, and prenups are entered into before the marriage, both these legal documents have similarities. They both can address financial issues both during the course of marriage and in the event of a divorce. For example, couples can dictate which assets are to remain separate property and which will be included in the marital estate. Alimony can also be addressed in both prenups and postnups. They can also address retirement benefits.
What are the advantages and disadvantages to executing a postnup?
Postnups can be useful if a couple never signed a prenup, but later on have financial issues in their marriage they want to address. For example, they may want to execute a postnup if one or both spouses experiences a significant change in finances, for example, if they receive an inheritance. If a couple’s marriage is on the rocks, a postnup can cover some of the financial legal issues that they will face if they decide to divorce, making the divorce process run smoother.
However, sometimes postnups can be difficult to enforce in the event of a divorce if it is deemed that the decisions made in the postnup were not made independently or were coerced. Some couples may also feel like requesting a postnup shows they are not committed to the marriage, even if this is not the case.
Postnups may help some Ocean City couples
Ultimately, Ocean City couples who married without a prenup may want to consider a postnup. It is a simple fact that not every marriage will last. A postnup can address financial issues that may arise during the course of the marriage and they can help the divorce process run smoother if it comes to that. This post does not replace the advice of an attorney, so those in Ocean City who are contemplating a postnup may want to seek professional guidance before moving forward.