With almost all 50 states now allowing postnups, they are increasingly being used. A postnup is similar to a prenup, but it is for already-married couples. Postnuptial agreements can cover everything a prenup can. For example, a postnup can allow couples to agree how to divide financial assets in divorce. According to a survey of divorce lawyers, 51% saw an increase in postnups from 2009 to 2012.
According to Randall Kessler, past chair of the American Bar Association’s family law section, there are three main reasons couples hire him for postnups:
- The couple ran out of time to get a prenup;
- The couple is trying to save their marriage; and
- One spouse receives a large gift or inheritance.
Some expect the demise of DOMA (The Defense of Marriage Act) could lead to an additional increase in postnups. Many same-sex couples rushed to get married in the wake of the ruling without having time to consider getting a prenup. For these couples the option of a postnup still exists.
Kessler explains that postnups are a way to separate a couple’s “financial concerns from the fact that they love each other and want to stay together.” According to Kessler, postnups are one of the “few tools couples have to remove big money issues from their arguments.”
For more information on postnuptial agreements, please feel free to contact The Law Office of Bradley R. Tengler in Rockford, IL at 815-981-4859 for a free consultation. Please note, the above does not constitute legal advice. Please discuss your specific rights with an attorney in your own jurisdiction.
Published September 10, 2013