Most spouses never truly intend on divorcing, but sometimes it is the only option left on the table. For those in Texas who are in high-net-worth marriages, it may be worth considering a postnuptial agreement. So, what are postnuptial agreements and how can they offer protection in the event of a high-asset divorce?
The basics of a postnuptial agreement
Although many people are familiar with prenuptial agreements, postnuptial agreements are not as common nor talked about as much. However, a postnuptial agreement is essentially the same as a prenuptial agreement. The primary difference is that a postnuptial agreement is signed after the marriage, whereas a prenuptial agreement is done prior to the wedding. Like prenups, postnuptial agreements are legal contracts signed by both spouses that outline how assets will be divided. Postnuptial agreements can also contain clauses that dictate marital conduct and can include anything from how household chores are divided to the number of mother-in-law visits allowed.
When is a postnup needed?
Many couples choose to enter this type of agreement simply because discussing the division of assets or property is just easier after marriage. Postnups are typically good options for spouses who may be expecting to inherit significant assets in the future or enter the marriage with a large amount of pre-marital assets. Postnuptial agreements can also be beneficial when one or both spouses have children from a prior marriage. A spouse who has children from a previous marriage can use a postnup to ensure that his or her offspring will receive their intended inheritance.
In the event of a high-asset divorce, spouses who have a postnuptial agreement in place can avoid a lengthy and expensive court trial. Those in Texas who want to know more about postnuptial agreements or have questions about high-asset divorce may want to consider meeting with a legal professional. An experienced family law attorney can answer questions and help clients protect their personal interests.