Marriage Finances: Post-Nuptial Agreement
Many people these days bemoan the prevalence of pre-nuptial agreements. This trend is especially common amongst celebrities, who are often seen as trend-setters. A-Rod, of (my husband’s beloved) Yankees fame is going through a divorce right now and insisting that his own pre-nup be enforced during the proceedings.
The argument against pre-nuptial agreements contends that such documents are only needed if the partners believe the marriage is destined to fail. However, others believe that a pre-nuptial agreement is essential in order to protect marriage partners should the worst happen. These are becoming more popular as issues like debt, income, promotion and the fact that individuals often come to a marriage with more established assets come to the forefront.
But an additional rising trend is the post-nuptial agreement.
Post-nuptial agreement
This is a contract that divvies up the assets in the case of divorce, but it is signed after the wedding takes place. For couples who did not sign pre-nuptial agreements, or for couples who did but whose financial situation is changing, post-nuptial agreements are on the rise.
A post-nuptial agreement can also cover how the children will be cared for, and what financial assets will go to their maintenance from each (former) partner. Although a post-nuptial agreement can also dictate the terms of how finances are handled while inside the marriage — essentially codifying how much each person pays for bills and the like.
I do not have any sort of nuptial agreement, but I am frequently advised to get a post-nuptial agreement since I am the primary breadwinner. But I stop and think about how I would feel if my husband demanded such a thing of me. I would be extremely offended. After all, didn’t we promise to stay in this for the long haul?
What do you think about the post-nuptial (or any nuptial) agreement?
image credit: painting by Edmund Blair Leighton. “Till Death Do Us Part.” 1878.
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POSTED IN: Family finances, Personal Finance, Trends
5 opinions for Marriage Finances: Post-Nuptial Agreement
wisequeen
Aug 5, 2008 at 7:29 am
great post on a vitally relevant subject. marriage can make us poorer your info is well researched.
wisequeen
miranda
Aug 5, 2008 at 9:26 am
It can without taking the proper steps. However, when there is no abuse, I find that most things can be worked out in marriage.
Christopher Hastings
Aug 26, 2008 at 1:56 am
My wife and I signed one. My lawyer (my upstairs neighbor) drew it up.
Ours was a bit unique. The post-nup outlined what we had to do in order to file for a divorce. Rather than outline what division of assets would occur, it stated what steps had to be taken to save the marriage prior to divorce.
It was my idea while I was the primary breadwinner, but our roles have recently reversed. Sometimes its nice to think through a strategy (like divorce) and make sure to outline plenty of pain points so that it truly is “cheaper to keep her.” Or him. =)
miranda
Aug 26, 2008 at 7:51 am
Thank you for sharing your experience, Christopher. What an interesting take on the post-nup. I like how it outlines ways to save the marriage — requiring you to try and work things out — before you could divorce.
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