What Are the Benefits of a Postnuptial Agreement in Illinois?
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.
The division of property upon the end of the marriage, including stipulations regarding what are considered marital and non-marital assets and debts.
Whether spousal support will be paid in the event of divorce or separation, including which spouse will be responsible for paying and the amount to be paid.
Ownership rights to a life insurance policy, including the portions to be distributed to the spouse and other beneficiaries in the event of the partner’s death.
Modifications to a will and trust such that the provisions of the postnuptial agreement are carried out after one partner’s death.
Other personal rights and obligations for each spouse.
A postnuptial agreement is often enforceable only if it is established in writing and willingly signed by both parties. It will also likely be unenforceable if the court finds that either spouse withheld important information during the creation of the agreement or if it creates undue hardship for one of the partners. Keep in mind also that matters of child custody, visitation, and child support cannot be addressed in a postnuptial agreement.
Contact a Wheaton Family Law Attorney
If you believe that a postnuptial agreement can benefit your marriage, do not put it off. The attorneys at Andrew Cores Family Law Group are ready to help you create a legally enforceable agreement that protects both spouses’ best interests. Contact an experienced DuPage County postnuptial agreement lawyer today at 630-871-1002 to request a free consultation.