While a growing number of people in Texas are considering prenuptial agreements before they marry to determine some key financial matters, it may also be possible for people to reach this kind of agreement after marriage. While prenups were once widely considered a matter for celebrities or the ultra-wealthy, more people see the advantage of determining how their funds will be separated in advance. These agreements can be especially important for people with an inheritance or a privately owned business as property division in a divorce could have a significant impact on each.
A postnuptial agreement is a financial contract between spouses who are already married. Similar to a prenup, this kind of contract determines how certain assets will be divided in case of a divorce or separation. While it can seem like a sign of a troubled marriage, a postnup can be an important contribution to financial planning. For example, one spouse may be scheduled to receive a major inheritance or family asset that they want to be able to share with their spouse. However, their family may want the asset to receive greater protection and avoid risk in case of a later divorce.
Small business owners may have particularly urgent reasons for signing a postnuptial agreement. Because the business may be subject to distribution or even sale in a divorce, it may be difficult for startup founders without a proper agreement in place to secure funding or investment unless they can show the existence of a prenup or a postnup that protects the company from division during a divorce.
There are several reasons why people may want to consider a postnuptial agreement even if they are not expecting to divorce at any time in the future. A family law attorney may provide advice and guidance on negotiating this type of agreement.