A significant percentage of couples will have a prenuptial agreement in place before they walk down the aisle on their wedding day. Prenuptial agreements can protect both parties in different ways, such as by designating separate property and predetermining certain issues so as to keep any potential future divorce predictable and simplified. If you and your spouse have already married, it is not too late to take advantage of a marital contract. Your contract will be called a “postnuptial agreement” if it is signed after you say, “I do.”
Signing a postnuptial agreement can offer you nearly all the same benefits you would reap if your contract had been signed prior to the marriage. While the idea of drafting a postnuptial agreement may not seem like the most romantic idea, communicating and compromising with your spouse to reach an agreement can be a sign of a strong couple. It is best for both you and your spouse to be represented by separate attorneys who can help protect your interests during the process.
Reasons to Consider Using a Postnuptial Agreement
Spouses choose to sign postnuptial agreements for a variety of reasons. Some may have married quickly without time to make an agreement. Others may have hit a rocky patch in their marriage and decided it is best to have an agreement in place. Others still may simply determine that it is a good precaution. Whatever your reasons, a postnuptial agreement can give you both peace of mind. Reasons to consider using a postnuptial agreement include:
- Less financial stress – Many spouses have an income disparity, vastly different spending habits, or conflict regarding the use of marital or separate funds. For these spouses, drafting a postnuptial agreement that assigns debts and assets to each or separates the finances of each can reduce conflict related to finances.
- Freedom to leave – Some people find themselves remaining in unhappy or abusive marriages out of concern for how they would provide for themself or their children should they split. Having a postnuptial agreement in place can reduce uncertainty and ensure that you have a plan should you need to exit.
- Long-term planning – A little-known use for prenuptial and postnuptial agreements alike is to require one another to create estate plans or carry life insurance for the other’s benefit. This can protect you should your spouse pass away first, and vice versa.
Although most people contemplate a possible divorce while drafting these agreements, having the ability to work together to create one may actually be a sign that you are a strong couple.
Contact a DuPage County Postnuptial Agreement Lawyer
Law Office of Martoccio & Martoccio is experienced in working with spouses to create postnuptial agreements both will agree to. Our Hinsdale divorce attorneys will strive to protect your individual interests throughout the process so that the agreement will be favorable to you. Call 630-920-8855 to receive a free consultation with one of our skilled attorneys.