Whether a couple put a prenuptial agreement in place before they got married or not, a lot happens during a marriage (especially a long one) that couldn’t have been anticipated at the start. That’s one reason couples who have been together for many years – with or without prenups in place – choose to draw up postnuptial agreements.
While a postnup can make things a little easier if a couple decides to divorce, it doesn’t have to be a precursor to divorce or a “pre-divorce agreement.” It can serve a number of purposes.
Outlining property division and alimony agreements
If there’s no prenup outlining how assets are to be divided in a divorce, a couple can do that in a postnup. Even if there is a prenup, a postnup can address assets they didn’t have back then, like a business, investments, real estate, retirement benefits, family inheritances, intellectual property and more.
Sometimes, one spouse will seek a postnup if the marriage is in bad shape and they want to protect themselves if it ends. However, both spouses have to agree to the terms of a postnup, and it has to be essentially fair to both parties – just as with a prenup.
Addressing spousal maintenance
It can also address alimony (or spousal maintenance, as it’s called in Texas). This can be particularly crucial if one spouse earns a considerably higher income than the other – perhaps because one devoted years to raising and caring for the kids and home.
Detailing an alternative to community property requirements
Postnups can be particularly important in community property states like Texas where the law states that assets acquired by either or both parties during the marriage are generally to be divided equally in the event of divorce. A postnup outlining a different division approach can potentially override community property requirements.
A postnup can serve a lot of purposes – just a few of which are outlined above. It takes some time, work, thought and cooperation by both spouses to create a postnup. As with a prenup, it’s important for each spouse to have separate legal guidance to help ensure that their rights and their financial future are protected.