What is a Postnuptial Agreement?

 Posted on July 22, 2021 in Prenuptial and Postnuptial Agreements

Prenuptial agreements are becoming more common in Illinois marriages. However, many people have never heard of a postnuptial agreement. Prenuptial and postnuptial agreements are actually quite similar; the main difference is that a prenuptial agreement takes place before a wedding, and a postnuptial agreement happens after the wedding has already happened.

If a couple is already married, it may seem odd to write a postnuptial agreement. But often, engaged couples are so busy planning the wedding that the less exciting financial elements of their relationship take a backseat. A postnuptial agreement is a way to address those issues that may have been overlooked during the honeymoon stage.

What is the Purpose of a Postnuptial Agreement?

Just like a prenup, a postnuptial agreement is a legal contract wherein spouses agree ahead of time on the way certain things will be addressed during the marriage and in the event of a divorce. One way postnuptial agreements do this is by determining what was "premarital property" – assets owned by only one spouse before the marriage – and what is "marital property" – assets acquired by both spouses during the course of the marriage.

Postnuptial agreements can also address how spouses will contribute to a joint retirement account, who will pay for household expenses, or whether spousal maintenance (alimony) will be a part of a divorce.

A Postnuptial Agreement Is Not Right for Everyone

Unfortunately, some spouses will wait until the marriage is complete to declare that they want a postnuptial agreement. Once a couple is married, it may feel harder to say no, even if you are unsure whether the postnuptial agreement is good for you.

It is important to understand that a postnuptial agreement is a binding legal contract. You should be completely aware of the consequences of any postnuptial agreement you sign; once you have signed it, you are obligated to adhere to its conditions. It is a good idea for each spouse to have their own attorney review the postnuptial agreement and ensure it protects their interests.

Speak With a Wheaton, IL Postnuptial Agreement Attorney

If you are already married and have concerns regarding the division of marital property in the event of a divorce, you should speak with an experienced DuPage County family law attorney.The lawyers at Andrew Cores Family Law Group can help you determine whether a postnuptial agreement is right for you. If you decide you want a postnuptial agreement, we will help you and your spouse create an agreement that reflects your interests. Call us today for a free consultation at 630-871-1002.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+IV&ActID=2086&ChapterID=59&SeqStart=3900000&SeqEnd=5400000