The postnuptial agreement is the less known but no-less-valuable sibling of the prenuptial agreement.
A postnuptial agreement, commonly referred to as a “postnup,” is a legal contract executed after a couple is married. Like a prenuptial agreement, it can serve as a road map for the division of assets, liabilities, and waivers or payments of spousal support (also known as maintenance or alimony) in the event of a dissolution of your marriage.
Many couples face tough decisions regarding whether or not to remain married or to separate and divorce. When money is at issue – how it is spent, invested or who is earning it – a well-crafted postnup may make more sense than a divorce.
If you are married with children, you can also include a resolution of child support and even custody in your postnuptial agreement. You should remember that if your child is not yet born when signing a postnuptial agreement, you cannot determine child support or custody until the actual birth of your child. Be sure to include any necessary statutory calculations in your postnuptial agreement.
Often when infidelity is an issue in your marriage, it is the time to consider a postnuptial agreement, particularly if you and your spouse are trying to move forward with your marriage and past the issue of extramarital affairs.
Remember that a postnuptial agreement should enhance your relationship with your spouse as it should alleviate and finalize disputes about financial issues. It can even dictate specific financial penalties for future extramarital affairs.