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DuPage County family law attorneysEvery 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.

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Posted on in Family Law

There are many exciting aspects of planning for a marriage. After getting engaged, many people throw parties - such as engagement parties or bridal showers, and focus on planning their wedding. They shop for dresses, meet with vendors, choose a venue, register for gifts and plan their honeymoon. Those who are not already living together before the wedding make plans to move-sometimes to a new home-for after the wedding. However, one thing that many couples avoid including in their planning is a prenuptial agreement.

Defining a Prenuptial Agreement

A prenuptial agreement is an agreement made between two parties before marriage that sets out the couple's rights and obligations should the marriage end by separation or divorce. The agreement can also include testamentary provisions - and spell out how property and assets should be distributed upon one or both parties' death.

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