If you signed a prenuptial agreement (prenup) with your spouse and you are no longer sure whether the prenup fits your needs, you could be ready to renegotiate the agreement by preparing a postnuptial agreement. Alternatively, you might be on the receiving end of a request from your spouse to renegotiate the prenup. Asking to renegotiate a prenup may raise trust issues, so the process should be handled with care. You should have an experienced family law attorney to advise you on the process.
In what situations do I need to renegotiate a prenup?
A prenup or prenuptial agreement is made before the wedding and it outlines which property will be marital property and which will remain separate property. People’s financial circumstances can change a lot over time so a prenup can become irrelevant over time or certain events could affect the prenup.
People often renegotiate a prenup under the following circumstances:
– A spouse has started a business and wants to negotiate a prenup that protects business assets from divorce.
– One spouse is taking care of the children and their career and economic opportunities have diminished as a result
– In some cases one spouse may become seriously ill or disabled which affects their economic opportunities and they may need to renegotiate a prenup to ensure that they are taken care of in the event of divorce
– The prenup was made a long time ago. The case of Kevin Costner and Christine Baumgartner is a good example of an outdated prenup that was made based on the wealth of the parties at the time. It became irrelevant due to a growing financial imbalance between Costner who pursued a lucrative movie career and Baumgartner who chose to be a stay-at-home Mom.
What happens if I ask my spouse to renegotiate a prenup?
Massachusetts requires a prenup to be fair and reasonable at the time of execution and at the time of a divorce, if applicable. If it is not, the prenup can be contested in court. The best way to renegotiate a prenup is to involve a skilled family law attorney mediator who can keep your negotiations — and even your marriage — on track. It is advised to tread cautiously when renegotiating prenup. You can revoke the prenup altogether but that will leave you at the mercy of the existing divorce laws should you get a divorce. If you are already married, the way to change or modify your prenuptial agreement is by preparing a postnuptial agreement which is a lot like a prenuptial agreement but is prepared after you are married and has strict requirements.
The attorneys at Amaral and Associates, P.C. can help you navigate this process so that your renegotiated Massachusetts prenup by means of a postnuptial agreement meets the needs of your lifestyle and that of your spouse, and is carefully drafted so that it is enforceable and useful when or if you get divorced someday. Please contact our family law and estate planning center at 617-539-1010 x 111 to learn more about how we can help you negotiate a prenuptial or postnuptial agreement.
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