Prior to getting married, many couples meet with a family attorney to draft up a prenuptial agreement that will outline division of property and other important matters should the couple eventually divorce. While a lot of people have heard of this legal document, fewer are aware of a document that is similar in many ways — a postnuptial agreement. The chief difference between a prenuptial and postnuptial agreement is that you write and sign the latter after you get married. Here are some pros and cons of writing a postnuptial agreement.
Pro: It May Be Less Stressful
Meeting with a family attorney to create a prenuptial agreement is advantageous for a lot of reasons, but some couples may find doing so stressful. When you're eagerly counting down the weeks until your wedding, it can be emotionally difficult to sit with an attorney and work on a document that deals with the end of your marriage. If you find this idea troubling, a postnuptial agreement might be easier for you. While you'll still need to think of the possibility of divorce, doing so well after your wedding may be favorable.
Con: Division Of Property Can Be Difficult
Before you get married, it's clear what property you're bringing to the union and what property your soon-to-be spouse is contributing. After your nuptials, discussing the division of property can be more difficult because you've likely bought a lot of things together. For example, if you were to use some of your wedding gift money to buy a dining room suite, this is a shared possession — and it may be arduous to decide how to divide it.
Pro: You Can Make More Time For It
It can often be tempting to rush through writing a prenuptial agreement because you're busy with wedding planning. The result could be that you end up overlooking certain things that you or your significant other possess, and this can lead to confusion in the event of your divorce. When you opt for a postnuptial agreement, you can schedule time with your family attorney when you aren't as rushed, thus allowing your document to be more thorough.
Con: There's No Deadline
If you want a prenuptial agreement, you obviously need to make meeting with your family attorney a priority well before your wedding day. The strict deadline here — the day that you get married — can encourage you to get the document done. However, there's no set deadline with a postnuptial agreement. You might want to get it done a month or two after your wedding, and thus repeatedly put off thinking about the document because you're busy with other things. This could potentially lead to you failing to ever get the document done.