4 Times to Update a Prenup

When Should You Update Your Prenup?

Prenuptial agreements are controversial topics for many soon-to-be-married couples. For some, it’s a sign of mistrust, but for others, it’s a testament of loyalty to each other. By signing a prenup, you’re promising that you’re marrying the other person for who they are and not what they have.

But, since prenups are created before you’re married, they can’t account for everything that will happen once you are married. For this reason, you may want to update your prenup from time to time. These changes can include additions to your prenup, removal of certain clauses, and/or rewrites of certain clauses.

If you’re not sure when you should update your prenup, the family law attorneys at The Law Offices of Diron Rutty, LLC can help.

Can You Update a Prenup?

While postnuptial and prenuptial agreements are functionally the same – the only difference is when they are made – updating a prenup does not make it a postnup. You can also update a prenup whenever you need to. You just need to contact a qualified attorney like the one at The Law Offices of Diron Rutty, LLC.

1. After Having Children (and Grandchildren)

The moment you have children with your spouse, you have what’s called a dependent that you share. You both are responsible for their well-being and that requires a significant amount of money.

While you may attempt to plan for this ahead of time, you cannot predict your future child’s needs. They may have expensive interests, disabilities, or more in number than you originally planned.

Then there are grandchildren you may want to account for, as you ensure that your marital assets and wealth will reach the intended individuals after you pass away.

2. Significant Change in Finances

There’s no guarantee that you will always have the assets you have now. You may have more or less than you anticipated. This means you have to account for the change in funds when it comes to your regular expenses, your savings, and/or your heirs.

If you don’t have enough money to account for what was stated in your original prenup, it needs to be updated. This way, your prenup doesn’t cause problems trying to separate assets you don’t have should your marriage come to an end, for example.

3. Change in Your Family Structure

While you may expect your family structure to be you, your spouse, and your children until they move out, you can’t actually predict the future. You may find yourself needing to care for a parent or in-law, another child in the family, or another type of dependent.

This will affect your financial plan and potentially your marital roles. You may not be able to support yourselves based on your original prenup plan. To account for this, you may need to change where your marital assets are allocated.

4. Changes in Health

While marriage means being together in sickness or health, the cost of certain health issues for you and your partner can lead to significant medical debt. Divorcing can save one spouse from incurring the other’s medical debt. If you don’t want your partner to potentially drown in medical bills after you’ve passed away, you may be better off divorcing.

Also, having a spouse changes your tax bracket, which can affect how much coverage you get from services like Medicare. If you or your spouse can’t afford medical care without it, you may need to get a divorce, less so because you’ve fallen out of love and more so for legal and monetary reasons.

In both cases, the reasons for your prenup no longer apply and you need to update them. By updating your prenup, both of you are set for life after divorce and without medical debt and/or expenses hanging over your head.

Contact the Family Law Attorneys at The Law Offices of Diron Rutty, LLC for Help With Your Prenuptial Agreements

Prenuptial agreements are not always signs of distrust. They can be symbols of loyalty and love, but even then, they are not perfect. They cannot account for everything that may happen, so when there are significant changes in your life, you need to update your prenup.

If you need help updating your prenups, our family law attorneys have vast experience writing and updating prenups and postnups. Contact us today to schedule a consultation.

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