Prenups (or lack of same) have gotten a lot of media attention lately, both in the context of “regular folks” and of celebrity divorces.
Their cousin is the postnuptial (or postnup) agreement, often also known as a property settlement agreement.
Although sometimes also known as a marital settlement agreement or a separation agreement, a postnup really doesn’t have to mean the end is coming.
Rather, a postnup can be thought of as a prenup done after the wedding – sort of.
There are similarities and differences between the two types of documents and, believe it or not, they are not mutually exclusive documents.
A postnup may make up for failure to get around to timely and properly executing a prenup before the wedding.
It may also modify, or even supersede and replace a prenup.
It may address changes that have developed since the wedding, either in the financial circumstances of the couple – or in the evolving relationships within the blended and expanded family.
In fact, some couples execute multiple postnups over the years.
Like a prenup, a postnup can be designed to “kick in” in either or both of two dinstinctive situations:
- separation and/or divorce
- death of a spouse