What is a Post-nuptial Agreement?
Many people are familiar with pre-nuptial agreements (“pre-nups”). Images of a crying bride being forced to sign a pre-nup on her wedding day are part of popular culture and scenes in movies. Truth be told, most pre-nups are signed before the Big Day. What many people do not know is that married partners can enter into marital agreements after saying, “I do.” They are called post-nuptial agreements (“post-nups”).
A post-nup serves a similar purpose to a pre-nup: manage the assets, liabilities, and/or income of a married couple in the event of a permanent breakdown of marriage. For example, after marriage, a wife’s family may distribute shares in a family business to the children. In doing so, the parents may be concerned about what would happen to the shares in the event of a divorce. They may ask the daughter and her husband to sign a post-nup to protect the shares.
The considerations for a post-nup are similar to pre-nups. In addition, Parties who have signed pre-nups may be well advised to sign a new agreement after several years of marriage, depending on their financial circumstances.
These discussions are not easy. I will be giving a joint webinar with Allison Heiliczer this Friday, 16 October 2020, at 12:45pm (HKT) to discuss how to have the conversation. We will cover the legal and emotional side of considering a post-nup.
If you are in the business of weddings, providing financial services to couples, or selling large assets, you may benefit from the information provided in our seminar.
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