The postnup: a personalized approach to property division
While many Utah residents are familiar with prenuptial agreements and the role they play in divorce proceedings, fewer people may have ever heard of postnuptial agreements. A postnuptial agreement can be implemented after a couple marries, providing many of the same legal safeguards as a prenuptial agreement. Beyond that, a postnup can impose a number of legally binding stipulations on an active marriage.
Prenuptial and postnuptial agreements are similar in the way that they both resolve many property division issues. However, postnuptial agreements have the potential to go beyond accounting for the separation of assets. Because the postnuptial agreement is a contract between married parties, couples have the right to make stipulations for a broad range of marriage-related issues. For example, a postnuptial agreement could mandate everything from who pays the monthly bills to who cleans the pool.
A postnuptial agreement is also unique because it allows people to alter and/or forfeit many on the rights that marriage guarantees, and which a prenup cannot disband. For instance, the terms of a postnuptial agreement can modify a person’s right to his or her spouse’s estate, which he or she would likely be fully entitled to otherwise. Some family law experts have noted the increasing popularity of postnuptial agreements in marriages. And while legal concerns over the validity of such contracts have been raised in the past, they are now widely recognized and enforced under the law.
Addressing financial concerns before and during divorce can help to ensure that the process goes as smoothly as possible. People with questions about their finances and/or property division issues can speak to an experienced attorney today.