Many spouses enter a postnuptial, or postnup, agreement while cruising through their marriage. But you may ask, “If they were going to enter such an agreement, why didn’t they enter a prenuptial instead?”
Changes in priorities
Before the wedding, a prenup may not have been a priority for a couple due to their relationship’s unique circumstances. Nevertheless, any married couple’s priorities may change over the next few months or years after the wedding.
For one, they may have a newfound understanding of postnups’ importance in case of unanticipated events, like a divorce or a spouse’s death. Consequently, they may want to secure their respective pre-marital assets against the consequences of those uncertainties.
Changes in circumstances
Spouses may consider drafting a postnup when something new becomes part of the union, such as newly acquired properties, inheritances or their child’s birth. Given the changes in circumstances, it is normal for couples to seek extra protection in case of unpredictable events.
Additionally, the agreement would set their expectations for what they would receive in case of a divorce or one of the spouse’s death.
A form of ultimatum to rebuild the relationship
In some cases, spouses may use a postnup to save the marriage in case of marital misconduct, such as adultery, substance abuse and gambling. The wronged spouse may use a postnup as an ultimatum for the other spouse to improve and become a better partner.
Drafting an effective postnup agreement
Whatever reason a couple has for entering into a postnup agreement, it is crucial to draft one that would effectively protect each spouse’s rights and properties while keeping the process respectful and mutual.