Prenuptial agreements are the ones that get the most press. We hear about them frequently in the media, especially when someone famous drafted one before marriage. Now postnuptial agreements...we don’t hear about them so much, but they’re just as powerful.
Were they an afterthought? Probably, but for good reason. A lot of people have qualms about drafting prenups because they’re madly in love and can’t imagine their romance every ending, but sadly, about 50 percent of first marriages end in divorce and those numbers are even higher for second and subsequent marriages.
‘I Should Have Had a Prenup’
It is NOT unusual for a high-net-worth individual to fall in love and get married without a prenup, but six months, a year, or five years later, he or she thinks, “Oh my gosh, I should have gotten a prenup.” This is when the remorse sets in and their heart starts to sink. “What will happen to all of my hard-earned money if we divorce?” Talk about feeling lousy.
Let’s examine the common reasons why people draw up postnuptial agreements (which are the same as prenups only they’re executed after the marriage):
- The individual is wealthy and they realize they made a big mistake not getting a prenup.
- The marriage is on shaky ground and the wealthier spouse fears divorce is on the horizon.
- The individual loses trust in their spouse and decides they’d rather see their assets go to their children from a previous relationship or to their favorite charities.
- The individual built a successful business and does not want anything to happen to it if they get divorced.
- The individual has lost faith in their marriage and out of self-preservation, they want to protect their assets.
If you are seriously contemplating drafting a postnuptial agreement, we invite you to contact our firm to meet with a San Diego family law attorney. We would be happy to answer your questions and help guide you to the most optimum solution.