If you are considering getting married, you may be wondering if a prenuptial agreement is right for you. Or, if you have been married for a while and are considering divorce, you may be wondering if a postnuptial agreement is right for you. What’s the difference? Let’s take a closer look in today’s blog from the family law specialists at Great Lakes Legal Group in Southfield, MI.
What is a Prenuptial Agreement?
A prenuptial agreement is a written contract created by two people who are about to get married. This agreement can spell out how property and assets will be divided in the event of a divorce, and it can also outline alimony payments if any. Generally speaking, both parties need to sign this agreement in order for it to be valid.
For some couples, discussing a prenuptial agreement can be difficult as they approach their wedding date because they don’t want to begin their marriage thinking about the potential end. With the help of a family law specialist like ours at Great Lakes Legal Group, however, you can view the situation logistically, understanding that you are both doing what you can to protect what you have before what you have is joined together.
Benefits of a Prenuptial Agreement
There are a few key benefits of signing a prenuptial agreement. First and foremost, it can provide peace of mind for both parties. Knowing your finances are taken care of in the event of a divorce can be very reassuring. Additionally, prenuptial agreements can help to avoid family disputes later on down the road. If everything is spelled out in black and white, there is less chance for disagreements and conflict.
What is a Postnuptial Agreement?
A postnuptial agreement is very similar to a prenuptial agreement, with one key difference — it’s created after you are already married. This agreement can outline how property and assets will be divided in the event of a divorce, and it can also outline alimony payments if needed. Just like with a prenuptial agreement, both parties need to sign this agreement in order for it to be valid.
Benefits of a Postnuptial Agreement
Just like with a prenuptial agreement, there are several benefits to creating a postnuptial agreement. It also provides peace of mind for both parties because you know that your finances are secure in case of a divorce, and you know that you’ve both agreed on the distribution of assets in order to avoid conflict. With everything agreed upon beforehand, there is a greater chance for a smooth separation if divorce comes into play.
Both prenuptial and postnuptial agreements essentially serve as insurance policies for your marriage. We understand divorce is never planned or intended when you are moving toward marriage, but having a plan in place in the event the relationship goes south is a great way to ensure your finances and assets are protected.
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So, which is right for you? If you are engaged, a prenuptial agreement may be the right choice for you. If you are already married, a postnuptial agreement may be a good option. Speak to family law specialists at Great Lakes Legal Group in Southfield today to learn more. We would be happy to help!