You cannot predict the future. No one can. Sure, the prospect of getting married is wonderful. Marriage itself is a fantastic thing. But given the fact that about 40 to 50 percent of married couples in the U.S. divorce, it would make sense to remain pragmatic and think three steps ahead.

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The way you feel about your partner today may be different a few months, years, or decades after tying the knot. This is just how life is.

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With studies and surveys showing that both money and lack of communication are the top two reasons why people file for divorce in the United States, entering into a prenuptial or postnuptial agreement is often the best solution to protect your finances and assets as well as ensure clear communications of intentions.

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A Los Angeles County prenuptial and postnuptial agreement attorney, Candace Jones, can explain why you might benefit from a prenuptial or postnuptial agreement and help you draft a bulletproof legal document to ensure that you are making smart decisions.

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Before we delve into the benefits of prenuptial agreements and postnuptial agreements, let’s make sure that we are on the same page about the difference between these two types of legal documents.

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A prenuptial agreement (a prenup) is a legally binding contract entered into by two – often, engaged – individuals.

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A prenup outlines how a couple would divide their assets if things do not work out, and they choose to go separate ways or get divorced. Basically, a prenup protects your finances and personal assets before you get married.

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A postnuptial agreement, meanwhile, provides certain protections to each spouse after they were married, and that is the biggest difference between prenups and postnups.

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With The New York Times reporting that prenuptial agreements have been on the rise lately and Forbes reporting that prenups and postnups “lead to stronger marriages and prevent disastrous divorces,” you might want to consider drafting a prenuptial or postnuptial agreement.

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Entering into a prenuptial agreement has the following benefits:

• Ensure open and honest communication about the property and finances;

• Save time and money in the event of divorce;

• Protect your separate property;

• Protect your family heirlooms;

• Provide full disclosure of each spouse’s finances;

• Outline the rights and duties of each spouse in property and assets;

• Determine things like future alimony payments;

• Define what qualifies as marital property; and

• Protect yourself from debt.

 

You are more likely to benefit from a prenuptial agreement if:

• You own real estate;

• You own or co-own a business;

• You own properties of significant value;

• You have a sizable income or salary; and

• You intend to leave part of your estate to someone other than your future spouse.

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Entering into a postnuptial agreement after marriage has the following benefits:

• Protect your financial stability;

• Determine future alimony payments, if any;

• Protect your separate property;

• Determine the divisions of assets acquired during the marriage;

• Establish or clarify financial expectations;

• Simplify the divorce process, allowing you to save both money and time; and

• Ensure your peace of mind.

 

You might want to sign a postnup if you, for some reason, did not enter into a prenuptial agreement before your marriage or you discovered after getting married that your spouse:

• Was in some ways dishonest about himself or herself before the marriage;

• Was not completely open and honest about his or her personal assets and property;

• Has lifestyle and spending habits that differ from those he or she had before the marriage; or

• Demonstrates manipulative or abusive behavior.

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It is not advised to draft a prenuptial or postnuptial agreement on your own unless you have consulted with a Los Angeles County prenuptial and postnuptial agreement attorney. Our Attorney Next Door, Candace Jones, can help you draft a legally binding contract that accomplishes your goals and needs.

 

The benefits of hiring an attorney when drafting a prenuptial or postnuptial agreement are:

• Knowledge of applicable laws

• Ensure enforceability of your agreement

• Experience in negotiations

• Ensure full and honest disclosure of all property and income

• Avoid misunderstandings and disagreements

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