No engaged couple wants to think about the prospect of separating with a soon-to-be spouse. However, it is vital to remain practical and stay safe in the event things head south. That is why many couples create prenuptial agreements that lay out a fair division of assets in case the marriage ends.
Many couples have concerns about what to do when they have a prenup, but the financial situation of the household changes.
The process of changing a prenup
Before going into an attorney’s office, the spouse wanting the alteration should first speak with his or her partner. There are numerous valid reasons why changing an agreement is prudent. For example, one spouse may have recently received a raise and wants to protect his or her new assets. Additionally, couples may need to create provisions within a prenup concerning assets they want to reserve for children from previous relationships. Both parties should be on board with making revisions.
It is not enough for a couple to have a verbal agreement. In order for the prenup to be enforceable by law, it requires reviewal and approval from an attorney. The couple will need to go to a legal office and write down everything they wish to change about the existing prenup. The lawyer will then review these revisions to ensure they are enforceable. For example, a spouse who makes substantially more than his or her partner may not get out of paying alimony entirely. As long as everything abides by the law, the amendment will go alongside the existing agreement.
It is also possible for a couple to completely revoke a prenup if they no longer wish for it to be in play. They could then create a postnuptial agreement, which is essentially the same except it takes shape after a couple has married.