A relationship can change the life of any New York resident. It can also affect your finances for better or worse, especially if you decide to marry or divorce. Fortunately, prenuptial and postnuptial agreements can protect a married person’s financial future after a divorce or a spouse’s death. Knowing how prenuptial and postnuptial agreements differ is important before deciding which option is best.
When they go into effect
The first difference between prenuptial and postnuptial agreements is when each contract becomes active. Either person getting married can issue a prenuptial agreement. However, both people must sign a prenuptial agreement before they get married. A couple can only sign and put into effect postnuptial agreements while married.
Ease of enforcing
An imperative factor in any agreement is how easy it is to enforce. Some people feel that prenuptial agreements are easier to enforce than postnuptial ones. That’s because it’s not unheard of for someone to dispute postnuptial agreements during a marriage dissolution. However, ever-changing laws and statutes can also sometimes complicate prenuptial agreements.
Your significant other’s response
As someone wanting a prenuptial or postnuptial agreement, choosing the right approach is essential if the other party is hesitant to sign anything. Certain individuals might hesitate to sign a prenuptial agreement while a relationship is in its early stages. For these couples, talking about potentially dividing assets is best to do after tying the knot.
Prenuptial and postnuptial agreements can benefit anyone wanting to protect their hard-earned assets. It might feel awkward to begin discussing these agreements seriously with your significant other. However, these talks are worth the difficulties if they help you avoid losing assets meant for yourself and your beneficiaries.