Is It Time to Renegotiate Your Prenuptial Agreement?
When you are married, you prudently hammered out a prenuptial agreement with your soon-to-be spouse that addressed all the pertinent financial issues. The best prenuptial agreements are those that never need to be implemented. In fact, a prenuptial agreement can reduce financial stressors in a marriage, which are often at the heart of divorce. As the years pass, however, that prenuptial agreement may have lost its relevance or may fail to adequately address the financial issues that you now face (after all, it can be difficult to predict the exact path your finances will take). It may be time to renegotiate that prenuptial agreement in the form of a postnuptial agreement.
Postnuptial Agreements
Postnuptial agreements are recognized in the state of Texas. While they usually have the same legal rigor that prenuptial agreements do, when postnuptial agreements are entered into carefully and in good faith, they tend to carry more weight. Further, when your postnuptial agreement represents a modification of an existing prenuptial agreement, it can lend even more credence.
Common Causes for Renegotiations
There can be many reasons why you may want to renegotiate the terms of your prenuptial agreement. First of all, if there is a term included that has not weathered the passage of time well – it is a good idea to address the issue with your spouse. The basics when it comes to renegotiating prenuptial agreements tend to include the following categories of terms:
The Division of Marital Property – The fair division of marital property (that property that you acquired throughout your marriage) that you signed off on in your prenuptial agreement may no longer feel as fair. For example, if your spouse came into the marriage with a small business that was protected by your prenup, but you have poured considerable work and energy into growing that business over the years, renegotiation may be in order.
Spousal Maintenance – Prenuptial agreements often address the issue of spousal maintenance (or alimony). While this may have seemed like a moot issue when you entered your marriage, it may appear very different after being married for many years. For example, if you stayed home and raised the children so your spouse could pursue a lucrative career, you may want to revisit the issue of alimony in your postnuptial agreement.
Your Children's Inheritance – Postnuptial agreements can be a useful tool for augmenting your estate planning – and ensuring that your children's inheritance is protected. For example, if you were to divorce and your spouse was to have more children, your children's inheritance could be negatively affected.
Seek the Professional Legal Counsel of an Experienced Killeen Family Law Attorney
Attorney Brett Pritchard at The Law Office of Brett H. Pritchard in Killeen, Texas, understands the critical role that renegotiating a prenuptial agreement can play in a marriage. He is committed to skillfully helping you identify and negotiate the changes you need. We are on your side, so please do not hesitate to contact us online or call us at 254-501-4040 for more information today.