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.
Reasons to Enter a Postnuptial Agreement
Signing a postnuptial agreement is strongly advised in several marriage circumstances. Postnuptial agreements can be created for a variety of reasons, including but not limited to:
One spouse runs a successful and well-established firm
One of the spouses inherited a substantial sum of money or property
One spouse has accrued unmanageable debt or has a history of making poor financial decisions
What Can a Postnuptial Agreement Cover?
Illinois is a state that distributes the marital estate fairly. This implies that when spouses divorce, their property is distributed equitably rather than equally. However, some people want to have greater influence over how particular assets or pieces of property are handled in the case of a divorce.
Although property and assets may be covered by a postnuptial agreement, they cannot be used to determine a child's placement, maintenance, or custody. These are exclusively subject to divorce court authority.
Contact a Wheaton, IL Postnuptial Agreement Lawyer
If you are considering a postnuptial agreement for your marriage, you should contact a Wheaton divorce attorney who will help you protect your interests and navigate the process of developing a legally binding contract, even after you have already married. Call Andrew Cores Family Law Group at 630-871-1002 to schedule your free consultation to learn how we can protect your rights and your assets.