What a Postnuptial Agreement Could Mean for You

 Posted on November 30, 2018 in Divorce

Every year, more than 2 million American couples decide to tie the knot. While weddings are a beautiful celebration of love, they can cost a lot of money. Couples throughout the United States spend a collective $72 billion on weddings on an annual basis. Still, while a wedding can cost you a hefty sum of money on the night of your marriage (the average wedding budget is approximately $20,000), that money pales in comparison to the potential financial impact of a costly divorce. Developing a postnuptial agreement, after your marriage can be critically important to ensuring that you remain financially stable in the event of a divorce.

What is a Postnuptial Agreement?

Explaining to your fiance that you may have resources that you want to protect in the event of a divorce can be a difficult conversation to have. Yet, in many cases, the time to talk about protecting your financial future is after the wedding. A postnuptial agreement is a written agreement that the parties establish sometime after the marriage has been finalized. It is meant to settle the couple’s assets and affairs if they separate in the future. A postnuptial agreement can ensure that you and your family will have a stable financial future if you and your spouse ever decide to separate.

How to Develop a Postnuptial Agreement

The notion of a postnuptial agreement is a fairly new concept within American law. Postnuptial agreements finally became a common practice in the early 1970s, as more American couples began to separate. A postnuptial agreement can only be finalized if the agreement is in written form. It is also important to note that all postnuptial agreements must be voluntary. If a judge believes that a postnuptial agreement was forced onto one of the spouses, the postnuptial agreement will be considered null and void. A postnuptial agreement will only be finalized if all parties have disclosed the full extent of their assets. A spouse cannot hide significant assets from another spouse and still develop a valid postnuptial agreement.

Meet With a DuPage County Postnuptial Agreement Lawyer

At the Stogsdill Law Firm, P.C., our number one goal is to protect the financial security of our clients. A postnuptial agreement can ensure that you and your family will not face financial hardships in the aftermath of a divorce. While having a discussion with your spouse regarding the possibility of postnuptial agreement can be difficult, the development of a postnuptial agreement can be paramount to ensuring that you and your family are financially secure, moving forward. To set up a meeting with a Wheaton family law attorney, call us today at 630-462-9500.

Sources:

https://www.soundvision.com/article/wedding-statistics-in-the-united-states

http://help.legalnature.com/postnuptial-agreement-articles/everything-you-need-to-know-about-postnuptial-agreements