Functionally, a postnuptial agreement is not all that different than a prenuptial agreement. It still deals with division of assets if the couple gets divorced, and both people have to sign it. The main difference, as the name implies, is that the prenup happens before the marriage and the postnup happens after the ceremony.
Below are three potential reasons to consider a postnup:
1. You wanted a prenup, but you did not get it done in time.
The wedding day was on you before you knew it, and the prenup wasn't done. Signing too close to the wedding day can invalidate the prenup, so it was too late. A postnup gives you a chance to create the document you wanted all along, once the chaos of wedding planning is over.
2. You gained more assets.
When you got married, you and your spouse had very little. Since then, you got a big inheritance from your parents and your spouse started a small business. Even though you do not plan to get divorced, you want to protect these new assets just in case.
3. You are giving your marriage a final try.
You feel like the end of the marriage is imminent. You both want to try one more time, though, so you draft a postnup as a way to convince yourselves to stay married. If it doesn't work, there is the added benefit of protecting your assets in the coming divorce. Doing so with a postnup can save a lot of time and trouble during the divorce itself.
Do you want to draft a postnup or a prenup? If so, make sure you know exactly what legal steps you and your significant other need to take.