What is the Purpose of a Postnuptial Agreement? 

 Posted on August 13, 2021 in Family Law

During the excitement of preparing and planning for marriage, couples often overlook a valuable planning instrument: The prenuptial agreement. In the heady joy of falling in love, they may not see the point. Why go through the hassle of completing a prenuptial agreement when the marriage will never end? 

Yet after the marriage, when couples have a chance to start thinking practically again, they may realize the value of an agreement that stipulates a reasonable financial arrangement in the event of a divorce. They may also realize that a postnuptial agreement is a great way to establish the financial responsibilities of each spouse during the marriage. 

What does a Postnuptial Agreement Do?

A postnuptial agreement is a binding legal document that details and protects the financial interests and responsibilities of each spouse, both during and after the marriage. Each couple’s situation is different, and a well-written postnup will accommodate the couple’s unique circumstances. A prenup may include clauses that, among other things:

• Allow each spouse to protect ownership over their premarital assets (property, cash, investments) during the marital asset division process of divorce

• Ensure a spouse’s financial security by discussing whether there will be spousal support payments in the event of a divorce

• Protect inheritance in the form of money, property, or investments by ensuring the assets remain the exclusive property of the spouse who inherited them 

• Expedite the divorce process by avoiding litigation over financial matters that have already been agreed upon

• Detail which expenses spouses will pay for during the marriage, including whether and how much each spouse will contribute to their shared savings account

When Should a Couple Consider a Postnuptial Agreement? 

All couples can benefit from the protection of a postnuptial agreement. However, there are certain circumstances in which couples should especially consider a postnup. These include:

• When one spouse enters the marriage with substantial debt

• When one spouse enters the marriage with substantially higher income or more valuable assets than the other spouse

• If one spouse already owns a profitable business

• If one or both spouses have children from previous marriages 

• If one spouse has received a large inheritance or expects to during the course of the marriage 

Speak with a DuPage County Postnuptial Agreement Attorney

Although postnuptial agreements may seem boring or unromantic, the opposite is true. You can show your partner how much you love and respect them by protecting their interests and avoiding future conflict, right now, when the marriage is new and negotiating is easy. A skilled Wheaton, IL postnuptial agreement attorney can help you draft the perfect postnuptial agreement between you and your spouse. Schedule a consultation with one of the experienced attorneys at The Stogsdill Law Firm, P.C. Call us today at 630-462-9500. 

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm