What is a Postnuptial Agreement

A postnuptial agreement, or postnup, is a legal contract between you and your spouse that is entered into after your marriage. If you’re considering one, understanding how it works and why couples choose it, can help you make an informed decision.

Why Consider a Postnuptial Agreement?

There are a few common reasons why you might choose to draft a postnuptial agreement:

Missed the Opportunity for a Prenup: You and your spouse may have wanted a prenuptial agreement but couldn’t get it done before the wedding. In this case, a postnup can serve the same purpose—establishing clear rules about how property and finances will be handled during the marriage, at your passing, and in the event of a divorce.
Financial Mismanagement: A postnuptial agreement is often used when one spouse is engaging in risky or excessive spending, racking up debt, or managing finances in a way that concerns the other spouse. The agreement can separate assets to protect one spouse from the financial irresponsibility of the other.
Infidelity or Marital Issues: Some couples who are on the verge of divorce choose to create a postnup to resolve financial issues while still staying married. For example, if there has been an affair or significant marital problems, the agreement may help settle financial concerns and prevent further disputes, allowing you to focus on rebuilding your relationship.

What Does a Postnuptial Agreement Cover?

A postnuptial agreement can be as detailed or as simple as you choose. However, it typically covers the following:

Property Division: The agreement outlines who gets what in the event of a divorce or death. It can address specific assets like homes, cars, and savings.
Debt Responsibility: If one spouse has accrued debt, the postnup can protect the other spouse from being responsible for paying it off.
Spousal Maintenance: The agreement may also address alimony or spousal support, clarifying how much, if any, will be paid after divorce.

However, it is important to note that a postnuptial agreement cannot cover child custody or child support, just like a prenuptial agreement cannot determine child custody or support.

How to Get Started with a Postnuptial Agreement

If you and your spouse have decided to move forward with a postnuptial agreement, your first step should be to consult with an attorney. You each should have your own legal representation to ensure the agreement is fair and enforceable. Working with separate attorneys also helps avoid any appearance of coercion or unfair advantage, which can later be grounds to challenge the agreement.

It is important that you work together in a collaborative and amicable manner to negotiate the terms. Rushing into an agreement or pressuring your spouse to sign could lead to problems down the road, including the agreement being thrown out in court.

Contact Family Ally

If you and your spouse are considering a postnuptial agreement, working with the right professionals is key to ensuring a smooth process. At Family Ally, we can guide you through creating a fair and enforceable postnup that protects your interests while fostering a cooperative approach. Contact Jennifer Piper at 314-449-9800 to schedule a consultation and take the first step toward safeguarding your financial future.

Family Ally is located at 130 S. Bemiston Ave., Suite 608, St. Louis, MO 63105.