Although both prenuptial and postnuptial agreements generally serve the same purpose, the two are drafted at different points in the marriage. The former, more commonly known as prenups, are formulated prior to a marriage. They list the items a couple planning to marry wish to keep for themselves individually, rather than having a court decide, in the possibility that the marriage ends in divorce. Postnups, however, are formulated after a marriage but consist of the same stipulations.
Couples planning to marry generally formulate a prenup to prevent lengthy litigation and court costs to determine what will become of assets should they divorce. Working similarly like a will, each future spouse will list which belongings will remain theirs if the marriage is terminated. However, it is important for the couple to anticipate for other assets that will undoubtedly be obtained or earned during the marriage after the prenup has been drafted. The two are allowed to amend the prenup at any time, or any changes may be listed in a postnup.
A postnuptial, sometimes referred to as a marital agreement, as stated before, occurs after marriage. These types of agreements allow a married couple to structure settlements regarding their income or any property that they have acquired during the marriage. For example, if one spouse decides to establish a business that the other spouse wants no part of, the postnup will ensure that should the couple divorce at a later date, the spouse not wanting any liability in the company will not be forced to deal with debts or tax liens incurred, should there be any. Prenups and postnups are both available in all 50 states.
If you are a couple wishing to formulate a pre/postnuptial agreement or wish to file for divorce, contact a divorce lawyer from McAllen’s Barrera, Sanchez & Associates at 956.287.7555.