With nearly half of all marriages ending in divorce, there has been a surge of interest in prenuptial and postnuptial agreements. But what kinds of protections do these contracts offer? Who are they right for? And what are the differences between the two? The Granville, Ohio, law office of Vernau Law LLC has the answers. Below, they’ll discuss each of these agreements in more detail, as well as their differences.
The defining characteristic of a prenuptial agreement is it is set up before the wedding takes place. The soon-to-be married couple meets with a lawyer to discuss their financial situation and the respective assets they each have coming into the marriage. A contract is drawn up that details how all the money and financial interests would be divided in the event the couple divorces. Prenuptial agreements are a smart idea for older couples, individuals with one or more marriages under their belt, or couples where one party has significant assets.
A postnuptial agreement is drawn up with a lawyer after a couple has exchanged vows. The reason many couples pursue a postnuptial agreement is simply because they forgot or put off drawing up a prenup during the stress and upheaval of planning a wedding. But financial arrangements can change dramatically after a couple says, "I do." Many components of one's finances may now be considered marital property. This could include retirement accounts, real estate, or stock options acquired during the marriage. Like prenups, postnups outline how a couple's finances will be divided should they divorce.
Let a skilled, experienced lawyer guide you through the process to give you greater peace of mind. To start designing a pre or postnuptial agreement, call Vernau Law LLC at (740) 587-2637. You can also visit the law office on Facebook and Yelp to keep up to date on important news, reviews, and information.