Can Your Prenuptial Agreement Be Modified after Your Marriage?
If you’ve entered into a prenuptial agreement, you may be wondering if the terms of the agreement can be modified after you’re married. The answer to this question depends on several factors, including the law of the province or territory in which you live and the specific terms of your agreement.
In general, prenuptial agreements are considered binding contracts between two people about to be married. As with any other contract, the terms of a prenuptial agreement can only be changed if both parties agree to the changes. If one party wants to modify the agreement after the marriage, they will need to get the other party to agree to the changes.
In general, we advise clients to check in with their lawyers every time they make a significant purchase or there is a significant change in the relationship to make sure the Agreement still covers the new situation. An amendment to the agreement, is a simple process.
For example, if one spouse loses their job or the couple experiences financial difficulties, they may want to modify the agreement to address these changes.
It’s important to note that even if the terms of your prenuptial agreement can be changed after marriage. If you’re thinking about modifying your prenuptial agreement, it’s a good idea to speak with an experienced prenuptial agreement lawyer to understand your options.
Modifying Your Prenuptial Agreement
Any revision to your existing prenuptial agreement is called an amendment. If you and your spouse agree on the terms of the amendment, your lawyer can simply draw up a new document that reflects the changes you’ve agreed on.
Amendments are usually a couple of pages long and are added to the end of a prenup to override parts of the existing agreement that need to be modified. The amendment then becomes a part of your original prenuptial agreement.
With the help of a prenup agreement lawyer, you can determine what needs to be changed in your agreement and how best to go about making the changes.
If you and your spouse cannot come to an agreement on the terms of an amendment, or if your spouse refuses to change it, you may need to explore other alternatives like mediation to help the couple reach a mutually agreed upon resolution. Alternatively, if your spouse won’t agree to the change, you will simply let the agreement stand as it is and any additional issues not covered in the agreement will be decided by the state of the law at the time of break up.
Creating A Postnuptial Agreement
If you didn’t have a prenuptial agreement before you got married but want to create one now, you can do so by drafting a postnuptial agreement. A postnuptial agreement is exactly the same as a prenup, but it’s created after you’re married.
Like prenuptial agreements, postnuptial agreements can address a wide range of issues, including property division, spousal support, and debt allocation. Postnuptial agreements can also be used to protect assets that weren’t included in the original prenup.
If you need help modifying your prenuptial agreement, our experienced prenuptial agreement lawyers at M & Co. Law Firm can help. Give us a call today to schedule a free consultation.