News of pop sensation, singer-songwriter, Justin Bieber's engagement to model, Hailey Baldwin, came as a shock this summer just two months after the young couple began speaking again.
Rumors of marriage sparked in mid-September after the duo was seen at the New York marriage bureau. The marriage was soon confirmed. However, reporters also learned that the couple did not establish a prenuptial agreement and will reportedly opt for a postnuptial agreement instead.
Prenups rise in popularity for Millennials
The couple reportedly reached out to their attorneys on the day of their legal marriage to get a prenup written, but were not able to get the document produced within the time they allotted. Typically, a prenuptial agreement could be written within 3 months, but Justin Bieber and Hailey Baldwin have more assets than the average couple, with an estimated net worth of $265 million and $3 million, respectively.
A recent study by the American Academy of Matrimonial Lawyers (AAML) has indicated that more Millennial couples are choosing to create prenuptial agreements before marrying. Sources have theorized many factors that may lead to this increase, including the ideology that the prenup is more like a business agreement than a prophecy for divorce. Evidently, "Jailey" was aware of the importance of a prenup, but chose to make the agreement post-marriage.
Benefits of the postnup
A postnuptial agreement establishes the same things that a prenuptial agreement would. Both are generally used to establish terms and conditions related to the way each party's assets would be handled in case of death, incapacitation or divorce.
For couples who are too busy or tight on extra funds to go through the legal process of getting a prenuptial agreement, a postnuptial agreement is an alternative.
Establishing a postnuptial agreement is better than having no agreement at all. Negotiations allow fiancés to discuss and compromise on issues that are important to each of them. This helps couples practice positive communication and learn more about one another. For example, the discussion may help reveal more about the way each spouse should manage joint finances in the marriage.
Disadvantage to the postnup
If you're thinking of getting a postnup, you may consider discussing the terms of the agreement before marriage to ensure that you and your fiancé are on the same page.
The postnup comes with disadvantages if there are disagreements when drafting the document. Whereas certain terms may have been non-negotiable prior to the wedding, once the marriage has taken place, state law will determine the division and distribution of assets if terms are not agreed upon between spouses in the agreement.
Asking the advice of a lawyer can help you and your fiance or spouse reach an agreement that is clear and legally enforceable in a timely manner.