The premarital agreement is often used by people who are entering into second or third (or fourth or fifth) marriages.
Many of these individuals have children from previous marriages, and they want to be certain that they have control over personal assets so that they can arrange for their children to receive inheritances. Entering into a prenuptial agreement can be a very prudent decision because the majority of these marriages do not last.
Just about everyone is aware of the fact that they could choose to enter into a prenuptial agreement. However, you would do well to understand the fact that it is also possible to enter into a post-marital agreement.
You could do so for the same purpose if you are a parent who has remarried. If you did not execute a prenuptial agreement for whatever reason you still have the option of entering into a post-marital agreement assuming your partner is willing to do so as well.
These agreements can be useful under a different set of circumstances. What if your spouse wants to do something with the shared assets that you don’t agree with? Such a disagreement can take place while you are planning your estate as a couple or outside of an estate planning context.
The solution could be to define the personal resources of each individual through the execution of a post-nuptial agreement. You can then go forward making financial decisions on your own without the need to win the approval of your spouse, and he or she would be afforded the same freedom.