Can You Rewrite a Prenup?
A prenuptial agreement is a contract signed by couples before they marry that spells out asset division and responsibilities of each spouse in the case of divorce, separation, or death. A prenup may cover property rights, division of property or finances, spousal support, rights and property interests of children from a previous marriage, and the like.
We often get asked if a prenup can be changed and the answer is yes and no.
No, it cannot be changed if both parties don’t want to change it.
Yes, it can be changed if both parties want to change it.
Why change a prenup?
Usually, when couples have significant assets before they marry, a prenup may be used to specify that certain assets remain with the individual spouse in the case of breakup or death. It may be necessary to amend the prenup if one spouse makes a significant purchase or receives a significant gift that he or she wants to clearly define as non-marital property, so it will not be divided in a divorce.
If there are children from a former relationship, a parent might want to ensure that his or her children still receive parental property rather than it all going to the new spouse. Changing a prenuptial agreement might be a good idea if the couple has additional children together in order to ensure their own property interests.
There are many other possible reasons to amend a prenup. One example is if the prenup defines an even division of financial assets in case of divorce because both parties expected to make about the same amount of money, but one spouse ends up making much more or much less than the other. The potential need for change really depends on how the prenup was written.
How to change a prenup
As stated, both spouses must be in agreement. An amendment is a simple process, involving adding a page or pages to the end of the prenuptial agreement and modifying what was written on previous pages. Both spouses should retain independent legal counsel and one should draw up the agreement or amendments. The other attorney should review and then, when approved, both spouses sign the agreement.
If there are significant changes that you wish to make to your prenup, you may instead create a postnuptial agreement, which is the same as a prenup but is agreed upon after marriage. The postnup should include specific wording invalidating and replacing the prenuptial agreement.
At the Law Office and Mediation Services of Elissa C. Goldberg, we are focused on family law and have expertise in prenuptial and postnuptial agreements. Give us a call at our Doylestown, PA office at (215) 345-5259 to discuss how we can help you.