Prenuptial agreements are increasingly becoming popular amongst engaged couples, and there are valid reasons why this is so. Some of the reasons are the growing number of divorce cases and the need to protect personal property should the marriage fail.
But, is a prenuptial agreement cast in stone? What happens if you wish to make some changes to the prenuptial agreement? Well, the answers to these questions are: no, a prenuptial agreement is not cast in a stone; and yes, you can modify a prenuptial agreement.
Modifying a prenuptial agreement
Either party can initiate the process of modifying the prenuptial agreement. However, both parties must agree to this modification and sign the modified agreement.
A revision or modification to the existing prenup agreement is known as an amendment. This can take the form of additional pages that are attached to the original document. The provisions in these pages will, thus, override any elements of the original document that both parties have agreed to modify. However, it is important to ensure that the new provisions are acceptable.
So why would you modify your prenuptial agreement?
There are a number of reasons that may make a prenup amendment necessary. Here are some of them:
- You no longer want the prenup – A couple may willfully decide that they no longer want the prenuptial agreement.
- New property redistribution agreement – Sometimes, a couple may want to review how they would wish to have property distributed should the marriage end in a divorce. For instance, a spouse may buy shares in the other’s business hence becoming a shareholder in the process. If the initial prenup agreement classified the business in question as private property, then both parties may agree to revise the document to address this new arrangement.
- Children – A couple may choose to amend the existing prenup to account for the children in the previous relationships.
The importance of signing a prenuptial agreement before getting married cannot be overstated. Find out how you can create a prenup agreement that safeguards your rights and interests.