Marital agreement

Prenup vs. Postnup: What’s the Difference and Who Needs One?

Whether you’re about to walk down the aisle or are comfortable in your marriage, every couple can benefit from learning about marital agreements, better known as prenuptial and postnuptial agreements.

There’s no denying that entering a marriage is an act of love, but we can’t neglect that it’s also a contractual pact that binds a couple’s finances and resources. A prenup or postnup can help protect each party’s interests should anything happen.

Our attorneys at Warner Bates are here to answer your questions about marital agreements and help you determine if you need one.

What is a Prenuptial Agreement?

Congratulations on your engagement! If you’re reading this, chances are you’re about to get married in the near future. Part of your pre-planning wedding activities should include creating a prenup.

A prenup is a written contract between two people before they are married. Its purpose is to protect both parties’ interests and finances in the event of a death or divorce. Most prenups list the property and debts each person owns and specifies their property rights after the marriage. It can also protect inheritances, heirlooms, and other precious and valuable items that one wants to keep in the family.

Pros

Cons

  • A prenup can help ease the fear that one spouse is entering the union for financial gain
  • Asking for a prenup can seem unromantic
  • Drafting a prenup forces couples to discuss sensitive financial matters that can limit later misunderstandings
  • Some believe that prenups show a lack of commitment
  • Married couples with a valid prenup are often able to get divorced with less hassle
  • Poorly drafted prenups can be found invalid and may not function the way the couple wanted it to
  • If an engaged person has children from a previous relationship, a prenup can provide stipulations for their financial future
  • They can sometimes be difficult to enforce due to changes in statutes and laws

What is a Postnuptial Agreement?

If you are already married, you may have concerns because you did not sign a prenup, and now you want to. You can still protect your assets by signing a postnuptial agreement. These can help couples who may be struggling through a difficult period where the future is uncertain or for people experiencing a change in their marriage. We know that right now many relationships have been put under immense pressure due to the COVID-19 pandemic. You may realize that you are getting into fights about money more than ever. We’ve seen couples go through similar situations settle their issues by signing a postnup. It’s helped them have tough conversations about finances and find a solution, thus allowing them to re-focus their energy on their relationship.

Who Should Get a Prenup or Postnup?

It’s presumed that marital agreements are only reserved for the rich and famous, but that isn’t entirely true. While they are often used to protect the assets of the wealthier spouse, couples of more modest means are increasingly turning to them. Some couples may want to clarify their financial rights and responsibilities during the marriage, and others may want to use it to protect themselves from each other’s debts.

Almost any couple getting married or already married can benefit from one, especially because the agreement can be tailored to each couple’s needs.

Protect Your Future With Warner Bates

Our team is here to help you determine whether a prenuptial or postnuptial agreement is right for you. If so, our attorneys can draft an agreement customized to your goals and provide valuable guidance. We are committed to ensuring that your financial future is protected.

Call our Atlanta family law attorneys at (770) 766-8148 to schedule a consultation now.

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