Recently, I’ve been wondering why postnuptial agreements are not used more frequently. Short of a Divorce or Legal Separation, a postnuptial agreement may allow quarreling spouses to agree on some terms of the marriage relationship. The topic of discussion for this blog entry will be postnuptial agreements and how they work and they differ from a prenuptial agreement. A postnuptial agreement is essentially a marital contract executed after the marriage. It functions similarly to a prenuptial agreement by allowing both parties to have a written agreement about how their assets and debts are to be divided up in the event of divorce, separation or other event. The biggest difference between a postnuptial and prenuptial agreement is the time and circumstances under which it is executed.
To answer this question, let’s first start off with what a prenuptial agreement is. A prenuptial agreement is type of contract entered before the marriage. In the contract both parties outline all the separate and joint financial interests/property they have coming into the marriage, and how those interests should be divided should the marriage end through divorce or death.
Alimony and child support are two types of support payments that can be awarded to a party by the Family Court System. They are very different and are awarded under different circumstances.