A post nuptial agreement functions in the same manner as a prenuptial agreement. In fact, the only true difference distinguishing these two legal contracts is the time at which the contract is created.
A prenuptial agreement is created before a couple becomes married. It functions to ensure that all property is properly distributed in the event of a divorce. In some instances, a couple fails to consider a prenuptial agreement prior to marriage and it is only following marriage that they recognize the benefits of this contract. In cases such as these, a couple may choose to establish a post nuptial agreement.
A post nuptial agreement is used for the same reason that a prenuptial agreement is created. However, a post nuptial agreement is established after a couple has already married.
Like a prenuptial agreement, a post nuptial agreement is used to detail the distribution of property, assets, and debts in the event that the couple divorces. A post nuptial agreement may also address these issues if one spouse dies.
Some of the concerns outlined in a post nuptial agreement include the division of joint assets and property, child custody, child support, and alimony, to name a few. It is important to note that these contracts can vary greatly from one couple to another.
In the event that a couple divorces, both parties will be required to adhere to the conditions specified in a post nuptial agreement. A post nuptial agreement helps to limit the cost and the fighting frequently associated with divorce or separation.