Many individuals have heard of a prenuptial agreement, but many couples are unaware of an arrangement known as a postnuptial agreement.
Postnuptial agreements are written and signed after you are married. A postnuptial agreement is a way for couples to look over their financial, family, and economic situation without the awkward pre-marital conversation that many recently engaged couples fear having. A postnuptial agreement provides an avenue in which to establish ownership of financial obligations and goals and how the couple will share the burden in the event of a death or divorce.
A postnuptial agreement can be a way of addressing concerns a couple may have once they are married. It helps the couple establish a concrete framework to divvy up the mortgage, savings, business, and household expenses. For example, if one spouse is burdened with heavy student loan or business debt, while simultaneously juggling a mortgage, a postnuptial agreement can create confidence in the marriage by entrenching a financial agreement.
What Can a Postnuptial Agreement Cover?
A postnuptial agreement often addresses or analyzes the following financial and legal issues, amongst others:
- What property is jointly or individually held?
- Who is paying off what debt?
- How are job earnings allocated, especially if one party makes more than the other?
- What will happen in the event of a death, disability, or divorce?
- What are the priorities of the marriage?
- How will the couple save up for a child’s education?
- In the event of a death or disability, what is the estate plan?
A postnuptial agreement is not the end all plan for a couple nor is it immune from a legal challenge in the event of dissolution of marriage, but it provides a strong foundation moving forward.
We Can Help You Today
The joy of getting married is an unforgettable experience, but making a marriage long-lasting is the challenge. The use of a postnuptial agreement may help in that effort. You will need an experienced attorney to help you draft and execute a fair and sustainable agreement. Please contact our experienced DuPage County family attorneys today to discuss your case and to learn how we may be of assistance.