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What are three reasons to consider a postnup?

You didn't get a prenuptial agreement. You didn't want to ask your spouse about it. Now that you're married, though, you think you've made a mistake.

If so, you may want to consider a postnup. As you may already have guessed, it can do many of the same things, but the two of you can draft it, sign it and legally file it even though you're already married. It then comes into play if you get divorced in the future.

Three reasons to consider this agreement include:

1. You have a lot of assets. Maybe you weren't worried about losing some to your spouse initially, but, now that you're married, you see just how big the difference in assets really is.

2. You are a business owner. Perhaps you didn't even own the business when you got married. You started it since then, and it's flourished. Now you want to make sure that a divorce in the future doesn't harm the business or force you to sell it.

3. You got a big inheritance. You and your spouse had equal assets when you got married, so you didn't think you needed a prenup. Then your grandfather passed away and left you $2M. You don't want your spouse to file for divorce next year and attempt to take $1M away. You want the money to stay in the family.

These are just three examples; every situation is different. Just be sure you know what legal options you have. Even if you missed your chance to sign a prenup, it may not be too late.

Source: Investopedia, "5 Signs You Need A Postnup," Amy Bell, accessed June 23, 2017

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