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As your wealth increases, do you need a postnup?

You considered getting a prenuptial agreement, or a prenup, when you and your spouse were preparing to marry. Ultimately, you decided that you did not need one because you did not feel like you had enough wealth to make it worthwhile.

Over the years, though, things have changed drastically. You started your own company, and it grew at a swift rate. You have bought new homes, cars and much more. You invested a lot in various accounts. You put a lot of your earnings back into the business. The company just keeps expanding. In short, you have more wealth now than you ever imagined when you first got married.

Just because you already tied the knot, that does not mean you're out of options. It may be time for a postnuptial agreement. A postnup can give you the same type of protection as a prenup in case you get divorced. You and your spouse just have to agree on how your assets will get divided.

Other than helping protect your wealth, another benefit of a postnup is that it can make the divorce go quickly. With high asset divorce cases, a lot of time is often spent on figuring out how to fairly divide what the couple owns. Since you will already have that framework in place, if your marriage ends, a divorce does not have to drag on nearly as long in court.

A postnup is not for everyone. However, you can see why it's important to carefully consider whether it would be a good idea to ask your spouse to draft one with you.

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