A prenuptial agreement allows couples to set forth a plan for their financial assets in the event of divorce. While these agreements can seem unromantic, they can provide a great deal of peace of mind to both parties.
Many people ask whether or not a prenup can be changed after marriage. While it is possible to amend a prenup, the process must be done carefully and with a knowledgeable family law attorney.
You Have Children
A prenuptial agreement allows a couple to establish how their assets and debt should be handled during the marriage, or in the event of a divorce. It can also address issues like spousal support, property division and even ownership rights in life insurance policies or retirement accounts.
In New York, a prenuptial agreement is enforceable as long as both parties have made full financial disclosures and agreed to the terms. A prenuptial agreement can be amended after marriage as long as the changes are documented on additional pages that are attached to the original prenuptial agreement and acknowledged by both spouses.
However, a prenuptial agreement cannot be changed after marriage to include child custody or visitation provisions as these issues are determined by the court in the best interests of any children involved. This is why it is important to always seek legal guidance when amending or revoking a prenuptial agreement. The Boca Raton family attorneys at Hirschberg & Associates can help you with this process.
You Have New Property
A prenuptial agreement is a contract, and as such, it can be changed after marriage if both parties agree to the modifications. Generally, this means that new information must be added or existing information removed from the document. It is important to speak with a Boca Raton prenuptial agreement attorney about making changes to the original contract.
An example of a change that can be made is adding property that the parties didn’t account for originally. During the course of a marriage, some people may receive significant inheritances. The couple can use a prenup to make sure that those funds are considered separate rather than marital property.
Another change that can be made is changing how debts are handled. It is important to keep in mind that the law requires that spouses make full and accurate disclosures of assets and debts when they enter a marriage. This information can be used to clarify who owns what outstanding debts in the event of a divorce.
You No Longer Want a Prenuptial Agreement
While many couples seek out prenuptial agreements in order to protect their assets and property, others may decide that they no longer want a prenup after marriage. Generally, in this case, the couple can draft a new contract, known as a postnuptial agreement, to reflect their desired terms.
When a prenuptial agreement is drawn up, it is often based on a best guess as to what a person’s financial situation will be like in the event of a divorce. However, finances can shift significantly in either direction and this is a common reason for a modification to be desired.
Couples that want to create a new prenup after marriage should work with an attorney in order to draft the desired terms. In addition, a notary will need to sign the contract in order for it to have legal standing. Any amendments to the contract must be agreed upon by both parties and these will be included on additional pages in the agreement.
You Have a Change of Circumstance
A couple may choose to amend the terms of their prenuptial agreement after marriage for a variety of reasons. Some of these reasons include:
A change in finances is a common reason for a prenup to be amended. When a prenuptial agreement is created, it is typically based on what the couple’s financial situation will be like in the event of a divorce. If the finances shift in a positive way, it can make sense to change the terms of the contract.
Some couples wish to address future issues such as spousal support or ownership rights in life insurance policies. Those issues can be addressed with a postnuptial agreement.
