Prenuptial Agreement vs. Postnuptial Agreement

 Posted on August 16, 2023 in Prenuptial Agreements

Marriage is a beautiful union between two people, but for some, “happily ever after” is short-lived. Many couples face the practical decision of establishing a prenuptial or postnuptial agreement. Both agreements are customizable to you and your concerns about the future. With such an intricate process, it is imperative to consider all the details to protect your rights and assets beforehand.

Which Is Better: Prenup or Postnup?

There is no “better” choice when it comes to selecting between a prenup or a postnup. Both of these agreements come down to timing. In light of this, couples must understand the key differences and similarities.

A prenuptial agreement, or a prenup, specifies the division of properties and assets after a divorce or separation. This agreement is signed before the wedding by both parties. This agreement helps partners know their financial future before a breakup even occurs.

A postnuptial agreement happens after the wedding. These agreements also handle asset adjustments that happened after the marriage. These changes could be an increase in income, possessions, a change in employment, or details on a new business venture the couple started.

The Advantages of Prenup and Postnup

A prenup allows partners to discuss their expectations from the beginning. Couples that discuss their finances prior also have a better understanding of the other’s debts and commitments. A prenuptial agreement especially benefits those with significant assets, business interests, or children from prior relationships.

A postnup often provides flexibility to changing circumstances in the couple’s life. As stated, a postnup offers financial security for everyone involved throughout the marriage.

Can a Postnup Override a Prenup?

In short, yes. Since both individuals signed the agreement, they agreed to the new guidelines. Even in the face of divorce, marriage can last years and years. Usually, during that time, assets increase, income changes, and debts fluctuate, so a postnuptial agreement is ideal for cutting out future conflict.

Contact an Arlington Heights, IL, Family Law Attorney

Whether you are looking at a prenup or postnup, a family law attorney can help you ensure all your assets and confirm certain documents. Utilizing a prenup or postnup allows more room in your partnership for respect, connection, and a more sound financial future for the both of you. Contact an experienced Rolling Meadows family law attorney with Law Offices of Donald J. Cosley. Please call this number 847-253-3100 for a free consultation.

Sources:

https://www.investopedia.com/articles/personal-finance/070815/postnup-vs-prenup-how-they-differ.asp

https://www.forbes.com/sites/frawleypollock/2020/05/11/do-you-need-a-postnup/?sh=49a523146652

https://www.forbes.com/sites/heatherlocus/2018/09/23/why-prenuptial-and-postnuptial-agreements-lead-to-stronger-marriages-and-prevent-disastrous-divorces/?sh=2c351c706488