Is it possible to sign a contract similar to the prenuptial agreement after the marriage?

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Question:

I have been married for ten years and have been out of the workforce for the last five years to raise my kids.  Is it possible to sign a contract similar to the prenuptial agreement after the marriage?

Answer:

Yes, alternatively known as post-marriage agreements, postnuptial agreements are contracts entered into between spouses.  They differ from prenuptial agreements in that they are signed during the marriage.  Spouses often execute a post-marriage agreement to update a prenuptial agreement that is already in place.  A postnuptial agreement is typically utilized to take care of financial issues, such as making a decision on the division of assets, which include alimony, jewelry, debts, and property, among other things.  They are also often used to remove a business from the marital estate or fix a budget for household expenses.  Two common situations where couples tend to turn to postnuptial agreements for protection are 1) where one spouse sacrifices her career to raise children and 2) where one spouse has experienced a substantial increase in his or her wealth.  Like prenuptial agreements, postnuptial agreements should involve two attorneys, one for each spouse, and full and fair disclosure.

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