Sometimes, marriages fall apart. Divorce can be costly, with major challenges for both parties. Although divorce is something you do not see coming, you can prepare beforehand. The legal paperwork of a postnuptial agreement can give you and your partner the security and peace of mind you need. This agreement can allow you to tackle many financial and personal problems before they happen. With the help of a knowledgeable family law attorney, you can ensure that your postnup is legally binding and protects both of your interests. 

What Should I Add to My Postnup?

Marriage is when the lives of both people come together completely. With divorce, the process is just as intimately involved, but it is a separation. If you have been married for years, the process can be messy. But with a postnuptial agreement, many factors are already put in place regarding separation. Here are a few areas of divorce that you should add to your postnup for a simpler and less stressful divorce:

• Marital property: Divorce in Illinois prioritizes equitable division of all assets. In your postnuptial agreement, you can outline how assets and debts are distributed.

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 Postnuptial agreements are voluntary agreements made during an existing marriage laying out financial agreements that a couple may want to establish in the case of a divorce. If the agreements are fair and agreed upon by both parties, then the postnuptial agreement will be enforced in the event of the death or divorce of a spouse. However, if the agreement is found to be unconscionable, or extremely unfair,  then it could be thrown out.

A few other scenarios that may invalidate a postnuptial agreement include coercion, a spouse misrepresenting themself, or incomplete financial disclosure. If the postnuptial agreement is one-sided, the court may change certain aspects of the contract to ensure that both parties get a fair deal. 

Is a Postnuptial Agreement Right For You? 

There are several reasons why a couple may consider entering a postnuptial agreement. The primary role of a postnuptial agreement is to protect the spouses’ assets and ensure that assets are split relatively in the case of a divorce.  

Many couples make a prenuptial agreement that specifies provisions for a divorce before they are married. Premarital agreements can include a wide range of topics that can be discussed and agreed upon by both parties. Even though it is advised that every couple create a prenuptial agreement before getting married, many do not. 

The good news for such couples is that postnuptial agreements are recognized under Illinois law as well. The same conditions and concerns covered by prenuptial agreements are also covered by postnuptial agreements. The main distinction is that the contract is signed after the couple has already been married.

What is a Postnuptial Agreement?

Postnuptial contracts are binding agreements. Similar to agreements made prior to marriage, the couple determines in advance how the couple's joint property and spousal support would be handled in the event of a divorce. These agreements avoid court entanglement while sparing the couple the financial anguish of a contentious divorce. Postnuptial agreements can also make it simpler to decide what belongs to each party separately and what is marital property.

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.

A prenuptial agreement can be a great option for marrying couples who want to ensure that their financial assets are protected. However, some couples are reluctant to pursue a premarital agreement, possibly because of the awkwardness of thinking about divorce before the marriage even begins, or possibly because they feel they do not have sufficient assets for a prenuptial agreement to be necessary. For some of these couples, it may become apparent after the wedding that an agreement would be beneficial. Fortunately, married spouses have the option of establishing a postnuptial agreement.

What Can an Illinois Postnuptial Agreement Address?

A postnuptial agreement is often beneficial when a couple experiences a significant change in their financial situation during their marriage, perhaps due to an inheritance, a career opportunity, or the establishment of a new business. A postnuptial agreement can address many of the same issues as a prenuptial agreement, including:

• Each spouse’s property rights during the marriage, including ownership, use, management, and the ability to buy or sell.

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