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Post Nuptial Agreements
A postnuptial agreement is a legally enforceable contract between spouses entered into after marriage. It is similar to a premarital agreement (pre-nup) except that it is executed during the marriage.
Spouses enter into postnuptial agreements more often than you may think. Some common reasons for entering into a post-nup include:
- One spouse is about to begin a business. Often the other business partners may require that spouse to execute a postnuptial agreement. The post-nup may address issues relating to the death of a partner, ensuring that their spouse will not make a claim on the business. This provides the business partners with some assurance the surviving spouse will not interfere with the running of the business.
- Another situation where postnuptial agreements are commonly used arises when separate property is used to purchase community property. For example: when one spouse uses her inheritance or pre-marriage finances to purchase a family home.
- Some married couples create postnuptial agreements to help resolve issues in their relationship by removing the sources of disagreement over finances, assets, children, household responsibilities, etc.