Pre and Postnuptial Agreements: Protecting Your Assets and Future

 Posted on May 09, 2023 in Prenuptial and Postnuptial Agreements

No one enters a marriage thinking it will end one day. But a divorce can be financially devastating if you are not prepared. If you wish to get married or are already in wedlock, a formal marital agreement with your current or future spouse can protect your assets. Two of these agreements are called prenuptial and postnuptial agreements.

What Is the Purpose of Prenuptial and Postnuptial Agreements?

Post and prenuptial agreements are legally binding documents you can enter into with an existing or future spouse. The agreements allow couples to protect their assets and interests from uncertainties resulting from divorce or death.

Without either agreement, the couple's assets are distributed as per Illinois laws. So drafting an agreement before or after marriage can protect you and your family from expenses and complex legal proceedings.

What Is a Prenuptial Agreement?

As the name shows, a prenuptial agreement is a legal document that a couple can agree on before they are officially married. It outlines what will happen to the couples' assets, real estate, and businesses if they get a divorce. The court will use the 'equitable distribution law to determine property division if the couple does not get a prenuptial agreement.

If you have a prenuptial agreement, you can protect the following:

• Personal real estate property

• Inheritance

• Life insurance payments

• Health insurance plans

• Spousal support

• Business profits and assets

• Retirement funds 

• Spousal support

Prenuptial agreements cannot be used to make decisions on parental agreements, child support payments, and who gets to live in the family home post-divorce.

What Is a Postnuptial Agreement?

This agreement offers the same protection as a prenuptial agreement but after the wedding. A postnuptial agreement will be useful if your marital assets change over time. Plus, if either you or your spouse gets a job and becomes the main source of income, your family dynamics will shift drastically. In situations like this, the agreement can help you establish property division plans that work for you.

Think of these agreements as insurance. It does not mean you will definitely get a divorce or face tragic circumstances later. These will give you peace of mind and prepare you for unforeseen circumstances. A post or prenuptial agreement does not mean your marriage is weak. It means that both parties have agreed to prepare for the unknown together.

Contact a Wheaton Prenuptial Agreement Attorney from Andrew Cores Family Law Group

A prenuptial or postnuptial agreement can protect your financial interests if you divorce or your partner dies. Call our Wheaton family law attorneys at 630-871-1002.

Source: https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59