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Happily Ever After...Signing This
Prenups to postnups. What - no midnups?
By Joann Yeh Litt
Published: Dec 01, 2007
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YAHOOWhen you hear "prenup," you probably think "gold digging bimbo trying to get into Donald Trump's pants." But a postnup? You've probably never heard or even thought about it, but may it's time.
According to a recent Boston Globe article, women are now out-earning their husbands in 32.6-percent of American married couples, up almost 10-percent from 23.7-percent in 1987. Similarly, it found that wives brought home 34.8-percent of the average family's annual income in 2004, up from 26.7-percent in 1980. Successful women need to consider how this new wealth structure can affect their future.
If it's traditionally been okay for men who made significantly more than their wives to shamelessly protect their assets with a contract, then a woman who makes twice, if not more, than her husband should feel equally entitled to have that conversation. But it isn't all about guarding against him making off with your hard earned dough. It's always a good idea to spell out who would get what in a divorce (not that you're going to have one but...) when your financial situation experiences a significant change.
Say you've been supporting your husband for the last five years, as he's been "working on his band." You want to rest assured that he isn't going to fund his next tour by divorcing you for half your bank account. But what if his band becomes the next U2? Shouldn't you be rewarded for your patience and faith in his previously-not-so-obvious talent? Although in community-property states, like California, where the law is that all income earned during the marriage is split 50/50 unless otherwise agreed upon, most other states have hazier ways of dealing with assets in a divorce.
Either way, laying out your concerns and tackling the issue head-on can only be a good thing; no one needs a big fat elephant hanging out in their garage. While it won't necessarily be a fun time, the stress it can prevent later on may well be worth it. However, since postnups are fairly new, their validity hasn't been fully tested in court and it isn't clear how enforceable they are yet. But at a minimum in a postnup scenario, you can revisit a marriage as forever evolves.
Joann Yeh Litt was a self-loathing law firm hack before deciding it was more fun to write than to argue. She still argues quite frequently with family, however.
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