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Simple English definitions for legal terms
postnuptial agreement
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A quick definition of postnuptial agreement:
A postnuptial agreement is a legal agreement made by a married couple to decide how their property will be divided if they get divorced or if one of them dies. It is made during the marriage when the couple is not planning to separate or divorce. If they are planning to divorce, it is called a property settlement or marital agreement. It is also known as a postnup.
A more thorough explanation:
A postnuptial agreement is a legal agreement made between spouses during their marriage to define each spouse's property rights in the event of death or divorce. It is similar to a prenuptial agreement, but it is made after the couple is already married.
For example, a couple may decide to create a postnuptial agreement if one spouse inherits a large sum of money or property during the marriage. The agreement would outline how that inheritance would be divided in the event of a divorce.
It is important to note that a postnuptial agreement is typically created when the couple is not planning to separate or divorce. If the couple is already planning to divorce, a property settlement or marital agreement would be more appropriate.