POV: You got a postnup a few years ago, but since then life has changed in a HUGE way. One of you started and sold a very successful business, you had a child unexpectedly, and now you care for one spouse’s elderly parent. Whew, life comes at you quick, huh? A postnup is meant to clarify financial arrangements and protect assets, but it can only do so if it is reflective of each person’s true financial situation and wishes. Just like any important legal document, a postnuptial agreement may not be set in stone. You may need to regularly review and update it to make sure it reflects the lemons that life throws your way.  

Major life changes that may warrant an update to your postnup 

So, let’s get into it. What life change is *big* enough to warrant an update to your postnup? Here are some examples: 

Major financial changes

Postnups should generally address future financial changes that are expected and reasonably foreseeable, such as bonuses, inheritances, etc. However, if you receive a significant increase (or decrease) in your net worth, such as through a business, investment, lottery winnings, gifts, career change, debt, etc., it could warrant an update to your postnup. 

Family changes

If your family was relatively static when you signed the postnup, then, BAM, one day everything changed, so a postnup update might make sense. This could be due to an unexpected birth of a child, changes in custody arrangements from a previous marriage, caring for an elderly family member, or changes in the health of either spouse or dependents. 

Relationship changes

We’re talking about significant changes in the dynamic of your marriage. For example, if one spouse becomes a stay-at-home parent, is diagnosed with an illness or disability, or has bad behavior such as addiction or gambling issues, a postnup might make sense. 

Legal/tax changes 

With the new president in office, there’s no telling what the future holds for certain laws. If there are significant changes within the legal or tax landscape, updating your postnup accordingly might be the move. For example, if there is an update to no-fault divorce laws in your state, you may want to speak with a lawyer to determine how that would affect you and if you should update your postnup.

Specific postnup provisions to review and possibly update

Okay, so now that you know when to update your postnup, what are you supposed to be updating? Here are some things to consider: 

• Asset Division: How is property split in the postnup? What about future acquired property? Does this still reflect the couple’s wishes? For example, if either spouse received an unexpected, large amount of money, asset division might change to reflect that the new cash is only one person’s asset.
• Spousal Support (Alimony): Is the waiver of spousal support still fair and appropriate given current circumstances? For example, if one spouse is now a stay-at-home mom, though they didn’t previously expect to have children?
• Debt Allocation: If one spouse has incurred a large, unexpected amount of debt, perhaps through gambling or a business loss, does the debt allocation clause still reflect their wishes?
• Confidentiality Clauses: If one party has started a business, gained publicity, or has other personal matters that they want to keep private, adding in a confidentiality clause or updating it might make sense. 
• Infidelity Clauses: While these clauses are not valid in every state, in the states where they are okay and the couple has experienced infidelity, they may want to add this to their postnup.

Benefits of frequently reviewing and updating your postnup

You may be rolling your eyes at us right now, and we get it. Reviewing your postnup is just one more thing on your to-do list of a million things. However, there are several significant advantages to reviewing and updating your postnup: 

• Keeps the agreement relevant: Reviewing your postnup and updating it accordingly ensures that it reflects you and your spouse’s current situation and intentions. 
• Reduces potential conflict: Clear and up-to-date agreements can help to minimize disagreements in case of separation or divorce.
• Protects both spouses: Making sure your postnup reflects both of your true intentions helps safeguard both spouses’ financial interests in the light of any changing circumstances. 
• Provides peace of mind: Having an up-to-date postnup can offer an unparalleled amount of financial security and clarity about financial matters.

How to update a postnup 

First things first—Don’t do this at home, kids! Call your attorney who drafted your original postnup to help with the postnup amendment. There are laws in place to help facilitate the amendment of a postnup, and oftentimes, legal counsel is necessary. On top of hiring an attorney, you and your spouse must both be on the same page. You both must agree to the changes. It cannot be a unilateral decision. 

Typically, a lawyer will simply draft an amendment page that references the original postnup and states what has changed. You will need to execute this agreement in the same way you did for the original agreement. This may include getting witnesses and having it notarized again. 

The bottom line 

Regular review of your postnup is crucial, especially if you’re experiencing significant financial and life changes. Certain life changes may warrant a formal amendment to your original agreement, such as a large undertaking of debt from one spouse, a new windfall of money, or updates to your family structure. If you feel that you need to amend your postnup, call a postnup attorney ASAP to discuss your options. Your future self will thank you for being proactive with your finances and staying on top of your legal documents!

You are writing your life story. Get on the same page with a prenup. For love that lasts a lifetime, preparation is key. Safeguard your shared tomorrows, starting today.

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Nicole Sheehey

Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: Nicole@Helloprenup.com

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