Prenuptial agreements have become increasingly popular among newly married couples. In particular, Millennials appear to realize the importance of such an agreement before following through with marriage. Time Magazine reports that a majority of attorneys have seen an increase in the number of people asking about acquiring a prenup.
A prenuptial agreement can only go over certain aspects of a separation, and full disclosure of assets and debts is essential to enforceability. After the marriage, the couple may realize there was something left off of the prenup or something that simply needs altering. Here are some of the most common times when a couple needs to change a prenup, which is typically referred to as a postnuptial agreement.
1. Move to another state
While some prenup laws are similar from one state to the next, there can be significant differences to take into account. If a couple marries in Illinois but ends up moving somewhere else, then they will want to consult with an attorney in this new state to ensure their prenuptial agreement is still valid. For example, many states require an equitable division of assets upon divorce while other states utilize community property laws. Couples should make sure they understand the ins and outs of their new home so that they can rest easy.
2. Change in living circumstances
People do not remain the same throughout a marriage. One person may receive a new job and start earning much more money than his or her partner, increasing the potential for alimony. Alternatively, there may be a provision in the prenup about how both parents are to donate to a child’s college fund. After the child is out of college, this provision becomes obsolete. As long as both spouses are in agreement, they can legally change a prenup whether it has been one month or 10 years after the wedding.