A prenuptial agreement can help you protect your assets throughout your marriage. If you end up divorcing your spouse, having a formal agreement already in place may mitigate some of your losses.
As your life changes you might need to modify your prenuptial agreement. Knowing under which circumstances you should seek modifications can help you determine how to proceed.
Redistribute property allocation
One of the biggest benefits of a prenuptial agreement is that you can formally determine property allocation. According to Yahoo! Finance, you can exclude premarital property appreciation in your agreement. If at any point you wish to redistribute the property or implement a different allocation strategy, you can request a modification to your original agreement.
Add dependents to the agreement
Another reason to make changes to your prenuptial is if you want to add dependents to your agreement. While you can record your intentions in other legal documents, such as your estate plan, making sure your prenuptial agreement aligns with these other documents can guarantee things will happen the way you intend for them to.
Void former agreements
You might reach a point in your marriage where you no longer feel the need to have a prenuptial agreement. If you did not include a sunset clause in your original agreement, you will need to seek a formal cancellation of the terms and conditions.
Modifying your prenuptial as needed can protect the integrity of your agreement over time. With the right strategy, having this formal agreement can add value and clarification to your marriage.