Prenuptial agreements are becoming more common in Illinois marriages. However, many people have never heard of a postnuptial agreement. Prenuptial and postnuptial agreements are actually quite similar; the main difference is that a prenuptial agreement takes place before a wedding, and a postnuptial agreement happens after the wedding has already happened.
If a couple is already married, it may seem odd to write a postnuptial agreement. But often, engaged couples are so busy planning the wedding that the less exciting financial elements of their relationship take a backseat. A postnuptial agreement is a way to address those issues that may have been overlooked during the honeymoon stage.
What is the Purpose of a Postnuptial Agreement?
Just like a prenup, a postnuptial agreement is a legal contract wherein spouses agree ahead of time on the way certain things will be addressed during the marriage and in the event of a divorce. One way postnuptial agreements do this is by determining what was “premarital property” – assets owned by only one spouse before the marriage – and what is “marital property” – assets acquired by both spouses during the course of the marriage....