Most Americans are familiar with the concept of a prenuptial agreement, in which the division of assets in the case of a divorce are planned ahead of time. However, many are unaware of the concept of a postnuptial agreement, which can have profound implications for stay-at-home parents that may be facing a Texas divorce. There are a variety of reasons why a so-called "postnup" can be beneficial to an individual giving up his or her highest-earning years to raise children.
Simply put, a postnup is a mutual agreement between married individuals detailing division of property and other concerns that arise in the event of a divorce -- functionally similar to a prenup, only negotiated and executed after the wedding. While little argument can be made against the idea that full-time parenting is the equivalent of full-time employment, the reality is no one is actually paid for that time. Additionally, as a general rule people who choose to stay at home to raise children do so in their most lucrative career years.
One reason for executing a prenup could be to ensure that an individual facing a divorce after years out of the workforce is properly compensated for what is functionally lost income in those years. The unfortunate reality is that few people are able to re-enter the work force at the same level of pay and seniority they had when they chose to leave, which means their earning potential is crippled out of the starting gate. A postnup may help to ensure financial stability in exchange for the very real work of raising children at home in the event the marriage ends.
Few people have the desire to enter a marriage with the prospect of a Texas divorce looming, which is how some people see pre- and post-nuptial agreements. However, in a world in which many marriages do not last a lifetime, it may be prudent for stay-at-home parents in particular to look out for their financial futures. Being prepared does not assume the worst, but it often accounts for the potential.
Source: today.com, Do stay-at-home moms need a 'postnup'?, Jeff Landers, Dec. 18, 2013