During the divorce process, you and your spouse’s marital assets are divided. Typically, marital assets are distributed evenly, however, there’s also the matter of assets that were brought into a marriage. Who gets those assets? Do they return to the original owner?
It can be hard to decide what assets are given to whom. But, with a prenup or postnup, these assets have a clearly defined home. What is a prenup and postnup? Here’s what you should know:
A prenuptial agreement is a legal document that outlines what happens should there be a divorce. More importantly, a prenup decides the division of marital assets. This ensures each spouse gets the assets they believe they’re entitled to in a divorce.
Additionally, a prenup can include alimony. Alimony is financial support that ensures one spouse can continue living with some benefits. For most prenups, alimony only lasts for a fraction of the total length of a marriage.
Prenups, however, are only made before marriage. Couples can no longer make a prenup after a marriage is legally bound.
While many people no longer have the chance to make a prenup, they aren’t entirely out of luck. A postnuptial agreement is a legal document that works just like a prenup, yet, it’s made after marriage. This ensures that people still have a chance to make adjustments in their marriage.
People often use postnups to amend prenups. In other words, if a spouse came under a large sum of inheritance, then they may want to make alterations to their prenup by making a postnup to ensure they keep it after a divorce.
If you’re looking to make a prenup or postnup, then you should understand your legal rights.