The Difference Between Prenuptial and Postnuptial Agreements
Marriage is a wonderful thing, where you commit your love to one person with the intention of spending the rest of your lives together. But like in life, some things don’t always go as planned and today divorces are becoming increasingly more popular. And the truth is, a divorce isn’t going to be an easy process, regardless of how you decide to come to the decision. There will be strong feelings and sometimes things may get out of hand in the proceedings of the divorce in regards to asset control. (Related: custody mediation, family law Westchester)
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But there are ways to make legal agreements to secure assets before any potential problem may arise in a failed marriage. This article will look at these options and explain how you can benefit from them and what the difference is between them.
You hear about stories quite often where people are losing the majority of their assets after a failed marriage, the person you once thought was the new light in your life could be the person to take everything away that you have earned. But fear not if you are thinking about getting married as there are ways to protect your assets.
A prenuptial agreement is a written agreement between a couple before the process of marriage. It has many benefits as both parties can come to a fair conclusion for each other and both can look at the situation with their partners best interests involved. Also alleviating the feeling of someone is marrying for financial gain. Another reason to have a prenuptial agreement is that in some places, even if you are not married you can be liable to lose your assets to your partner if you have been together for a certain amount of time and qualify as a civil partnership. Prenuptial agreements aren’t the most romantic thing to ask the person you want to marry; they may not take it very well so bear this in mind.
A postnuptial agreement is very similar to a prenuptial agreement, but the difference mainly lies in that the postnuptial agreement is made after the marriage. But the pros and cons are different for each one. If you can start to see your marriage is coming to an end, it is good to go for a postnuptial agreement as you can make the divorce an easier process if it happens. Although, by opting for a postnuptial agreement, it can be portrayed like you are giving up on the marriage and preparing for the future without your spouse.
Hopefully, this has cleared any confusion you may have had between the two different agreements. They are great ways to ensure safety before and after a divorce in regards to money and assets.