DIVORCE LAWYER EXPLAINS: WHAT IS A POSTNUPTIAL AGREEMENT? IS IT DIFFERENT THAN A PRENUP?
People get confused about the difference between a prenup and a postnup. But really, the only difference is the timing in which they are drafted and signed. A prenuptial agreement is drafted prior to the parties entering into the marriage. A postnuptial agreement, on the other hand, is drafted after the parties have already married. You are still able to set out and outline any agreement that you want in a postnuptial agreement that you would have been able to put into a prenuptial agreement. The postnuptial agreement will be retroactive and will catch any information that you wish it to catch. For example, if you have already bought a house with your spouse and you want a postnuptial agreement that makes sure that that equity in that house remains in your name and she does not get any equity in the home, you are able to do that with a postnuptial agreement and the same would be enforced if you ever get divorced. You also want a postnuptial agreement ensure that regardless of how you acquired the property - especially if there is no agreements in place - that if you get divorced, that that property get disposed to you as you outlined in the postnuptial agreement. Postnuptial agreements can be made at any point during the marriage prior to a divorce. One thing you have to keep in mind about postnuptial agreements is you still have to provide some financial disclosure of your assets and debts but is not as strict as a prenuptial agreement where it has to be a full financial disclosure. Postnuptial agreements are often recommended if you believe divorce is a possibility in the future but you are still currently married.