A postnuptial agreement can be an essential tool for married couples looking to clarify and safeguard their financial interests.
Definition of a Postnuptial Agreement
A postnuptial agreement, often called a "postnup," is a legal contract executed by spouses after they are married or have entered a civil union. This agreement outlines the division of assets, financial responsibilities, and debt management in case of a separation, divorce, or death. Unlike prenuptial agreements, signed before marriage, postnuptial agreements allow couples to address changes in circumstances and financial dynamics that may arise during their marriage. These agreements can cover various issues, including property division, spousal support, and the handling of marital and non-marital assets. They ensure both parties have clear and agreed-upon financial plans moving forward.