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Using a postnup to prepare for divorce

Your marriage is going well and you don't think you'll get divorced soon, but you want to be prepared. You want to position yourself for the best possible outcome, especially when considering assets, debts and finances. What can you do?

One option is to use a postnuptial agreement. It operates very similarly to a prenuptial agreement, but it can officially be signed and filed even if you're already married. A prenup has to be drafted well before your marriage to hold up in court, but you can use a postnup at any time. Don't assume you've already wasted your chance if you didn't get the prenup in place before your wedding day.

Couples want postnuptial agreements for various reasons, but finances are often at the heart of the agreement. You and your spouse simply want to have an document in place so that, should your marriage break up like so many do in Texas, you're both protected.

For example, perhaps you're a business owner and you want to ensure that a divorce doesn't financially ruin your company. Or perhaps your spouse is going back to school, and you just want to know that you won't be on the hook for his or her student loans if you get divorced.

This doesn't mean you're more likely to split up or that you don't want your marriage to stay strong. You do. It just means that you're acknowledging that divorce happens to a high percentage of couples, all of whom thought, at one point, that it wouldn't happen to them. With a postnup, you can start getting ready in advance, protecting yourself and positioning yourself for success after your marriage.

Source: FIndLaw, "What Is a Postnup? Do You Need One?," Jenny Tsay, accessed Feb. 08, 2017

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