A postnuptial agreement is not unlike a premarital agreement, with the key difference being that it takes place during a marriage rather than before. Postnuptial agreements have increased in popularity in recent years and are a great way to secure assets in the event of a divorce. An attorney experienced in postnuptial agreements is a solid investment when the time comes to draft one yourself.
Protect Future Assets
It is not uncommon for a couple to want to define their property rights should a divorce occur. Illinois law states that marital assets must be divided fairly and equitably between a divorcing couple. This means that you could see property that you think belongs to you, split between yourself and your soon-to-be ex-spouse in a divide you may not think is fair. Postnuptial agreements can put the divide in the hands of you and your spouse. One can act as a safety net against future property division in divorce cases.
Clarify Financial Responsibilities
Taking on the burden of financial hardships is something every married couple should expect. However, one spouse may continue to create substantial debts and other financial woes. A postnuptial agreement can help alleviate the possibility of saddling half the debt you did not accrue. A postnuptial agreement may help in the burden of financial responsibilities in the case of children should a divorce occur. You cannot dictate how much child support or spousal maintenance one parent will have to pay; however, a couple can decide on who will be responsible for schooling, housing, travel, extracurricular, and other expenses for the children if necessary.
Address the Needs of Children from a Previous Marriage
Sometimes, a spouse, or both spouses, will have children from a previous marriage. The children’s inheritance should be protected in the case of a parent’s death. A postnuptial agreement is a great way to ensure your children from a previous marriage still receive certain assets. This can include family heirlooms, art, property, and estate matters.
Establish a Business Succession Plan
Businesses are often among the most significant points of contention in high-asset divorce. Establishing grounds for what happens to a business in the event of divorce is crucial to maintaining that business or continuing to benefit from it. A postnup can help you categorize business interests as non-marital property.
You Forgot to Sign a Prenup
You had always meant to get a prenup but were too in a rush or lacked the time to do so before the wedding took place. Now you are wondering if it was a mistake and would like to reestablish assets as best you can. Forgetting to sign a prenup is one of the most common reasons for a postnup. Though it is much wiser to establish a prenuptial agreement, a postnuptial agreement can be almost as good as long as both spouses are amiable in dividing certain assets.
Contact a DuPage County, IL Family Lawyer
Postnuptial agreements are a great way to figure out who gets what once a divorce is finalized. A skilled Naperville, IL postnuptial agreement attorney can help you draft a postnup to ensure it is enforceable and equitable. Contact the [[title]] at [[phone]] for a free consultation and gain further insight into what can and cannot be put into a postnuptial agreement.