Couples sign prenuptial agreements to address certain issues, like asset division, that may come up should they divorce. However, if you did not sign a prenup before marrying, the good news is that you may still work out an agreement like a prenup with your spouse. This kind of agreement is a postnuptial agreement.
Fatherly explains how postnuptial agreements work. Like a prenuptial agreement, a postnuptial document describes how a couple will split their assets in the event they divorce. However, couples may use postnuptial agreements to address an assortment of issues.
What postnuptial agreements establish
In a postnuptial agreement, spouses can work out issues like how each spouse receives health care, spousal support after divorce, and what should happen if one of the spouses dies. Some couples sign a postnup in the event one spouse received a large inheritance and wants to receive that money back if the couple divorces. A lot of spouses even draft postnuptial agreements with adultery penalties as a way to encourage each other to remain faithful.
When to sign a postnup
Spouses can sign a postnuptial agreement at just about any time during a marriage, but doing it early on may benefit the couple more than drafting it later. You want to work out a postnup when your mind is clear, when you have a happy and warm relationship with your spouse, and when you and your spouse are not stressed out with emotional conflict and a possible impending divorce.
Be aware that child custody is one area the law might not allow you to cover in a postnup. Courts look out for the best interests of children and will likely strike down any provision in a postnuptial agreement that specifies child custody or waives child support for one spouse. Checking with legal counsel to see what Colorado law says about child custody may help keep a postnuptial agreement strong and valid.