On this blog, we have discussed the importance of prenuptial agreements. This agreement is essentially a contract between two individuals entered into before marriage that spells out how their finances will be handled in the event of divorce. While it primarily deals with property division, it can address other issues from alimony to social media accounts. It's an agreement that really allows parties to get creative to find a way to alleviate financial tensions, thereby allowing the couple to focus on their relationship.
Certain issues cannot be addressed in a prenuptial agreement, though. Child custody and support, for example, are off limits. That means that these issues will have to be addressed either through negotiations or litigation during the divorce process, should the relationship get to that point.
As beneficial as these agreements may sound, some may find themselves wondering if it is too late to enter into one. The answer is "no." Those who have gotten married can still enter into a similar agreement, except now it is referred to as a postnuptial agreement. The same issues can be addressed, and it can provide a significant amount of financial security. Having the discussion with a spouse may be challenging, though, which is why the topic should be couched in terms of what is best for the relationship. Being open and honest is key, and individuals should avoid trying to strong arm a spouse into accepting such an agreement. After all, such actions may render the agreement invalid anyway.
Those concerned about their financial stability in the event that their relationship comes to an end should think about how best to protect their interests. An experienced family law attorney may be able to assist them in coming up with a plan that seeks to further his or her client's best interests. When it comes to prenuptial and postnuptial agreements, most family law attorneys agree that it is a situation where you hope for the best, but plan for the worst.