Definition - What does Postnuptial Agreement mean?
A postnuptial agreement is an agreement that married couples can enter into after they have gotten married. These agreements can lay out the division of assets if a divorce were ever to occur.
Postnuptial agreements are an alternative to prenuptial agreements, which are entered into before a marriage takes place.
Justipedia explains Postnuptial Agreement
The reason why couples often create postnuptial agreements is so that they do not have to go to court for lengthy divorce proceedings to determine who will have the rights to which assets if the couple splits up. Lawyer fees for such proceedings can be extremely expensive, and so many people to try avoid them. Postnuptial agreements can also lay out the custody agreements for children. This will determine which parent will have which percentage of custody.