If you and your spouse put a prenuptial agreement in place before you got married, you did something that more people need to do to protect their assets and financial interests should the marriage end in divorce.
It’s important to remember, however, that a prenup isn’t something you should forget about. A lot of things can change over the years, and your prenup may not cover your needs if it ever has to be used.
While you can’t technically amend a prenup, you can put a postnuptial agreement in place at any time after you’re married. So how do you know if you should replace your prenup with a postnup?
What kind of things warrant getting a postnup?
Postnups aren’t just for those who are considering divorce and want to work out some terms ahead of that process. It’s smart to consider a postnup (whether you currently have a prenup or not) in any of the following situations if they aren’t considered in the prenup:
- One spouse now significantly outearns the other.
- One spouse has become a stay-at-home parent or caregiver for a family member.
- One spouse has developed a chronic illness or disability that limits their ability to work.
- One spouse has accrued a large amount of debt (for example, through gambling or overspending).
- One or both spouses have received (or anticipate) a large inheritance.
- One or both spouses have started their own business.
It’s smart to review your prenup (and postnup, if you put one in place) every now and then to make sure it still reflects your wishes and interests regarding things like property division and spousal support. Child custody and support matters typically cannot be addressed in a prenup or postnup.
As noted, a current postnup can also help things go more quickly and smoothly if you decide to end the marriage. As with a prenup, it’s crucial for each spouse to have their own legal representation to protect their rights and interests.