We Want 'Postnup?'
A look at nuptial agreements after the fact
By Nola Sarkisian-Miller CTW Features
Oops! If you forgot to sign that prenuptial agreement, there's still hope. Couples are now entering into such contracts after they marry, often to preserve their inheritances or no doubt their marriage.
Postnuptial agreements, while less well known, are increasing in popularity. Nearly 50 percent of attorneys polled by the American Academy of Matrimonial Lawyers reported an increase in the number of postnups from 2002 to 2007, according to CNN.com. Postnups can spell out who owns what assets, set a budget for household expenses or remove a business from consideration in the event of a divorce. Couples also have borrowed a page out of the celebrity prenup book to include clauses such as how many football games a spouse can watch on Sunday and how often the mother-in-law gets to visit. Going a step further, infidelity clauses can cost a spouse dearly.
Everyone knows that such agreements won't make problems go away, but they can keep marriages humming along, a prospect that's worth the investment for many couples. Both partners should have the document reviewed by their own lawyers to withstand legal scrutiny.
Prenuptial agreements are also on the rise as couples marry later in life and multiple times, according to the Wills, Trusts and Estates Prof Blog. Protecting one's interests is the mantra in these trying economic times, perhaps foreshadowed by Kanye West, who shouted "We want prenup, We want prenup!" in his 2005 hit "Gold Digger."
These contracts, signed by both parties, spell out in exact terms what happens financially in the event of a divorce, from who gets to keep the country club membership to that coveted Krups coffee maker. Romantic they're not, but prudent, yes, for people who've been married before, if they already have kids, own substantial assets or have started a business before marriage. Mere mortals can benefit from them if they want to avoid the fiercer arguments that divorce ignites.
If you don't make a pre- or postnuptial agreement, your state's laws determine who owns the property that you acquire during your marriage, as well as what happens to that property at divorce or death. Indeed, there are pros and cons to drawing up such emotionless paperwork, such as engendering distrust for a spouse or having someone give up inheritance rights upon the death of a spouse, which under the law, a person is entitled to a spouse's estate even if it's not stated in the will.
Prenups and postnups aren't for everyone, and even some celebrities have vetoed the idea. Some paid handsomely for the absence of the document (see Paul McCartney). When in doubt, talk to your fiancé, a counselor or lawyer to see if it's a win/win situation or not.
