If you are already married, it is too late to use a prenuptial or premarital agreement. However, you do have a very similar option, which is to use a postnuptial agreement. Like a prenup, this can be used to help define ownership of assets and make many financial decisions, should a divorce take place.
It is still important for both you and your spouse to willingly sign the postnuptial agreement. It has to be done of your own free will, after both of you have taken the time to read and consider the documentation. The postnup should not address family-related matters, such as future child custody issues. Many people use them simply to determine how assets will be divided or how debt should be addressed in a divorce.
Taking on new debts
It is natural for people to be concerned if their spouse asks to use a postnuptial agreement. They worry that their spouse is already thinking about divorce or planning to end the marriage.
But that is not usually the case. Instead, they are just aware that divorce could happen and they are taking steps to define the terms.
For example, say that one partner is going back to school and will be taking out $100,000 in student loans. Their spouse might want to use a postnuptial agreement to ensure that the debt stays exclusively with the borrower in a divorce. This keeps them from having to pay back student loans belonging to a former spouse.
If you are interested in getting these documents in place, be sure you know what legal steps to take to draft and file everything correctly.