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.
A postnuptial agreement can address issues such as:
Inheritance - Spouses may use a postnuptial agreement to ensure that inherited assets remain non-marital property.
Supporting stay-at-home parents -A postnuptial agreement can provide financial security to spouses whose earnings have dwindled due to being a stay-at-home parent or home caretaker.
Protecting Business interests - With a postnuptial agreement, a spouse can categorize the business assets and liabilities as separate property. The other spouse not entitled to the business may be granted a larger share of non-business-related assets during a divorce to make up for this.
Rebuilding Relationships - A postnuptial agreement can address financial disagreements or struggles within a marriage. Agreeing on terms of the potential of a divorce can allow spouses to work through some pending and stressful issues.
Repaying Gifts - If the couple decides to get a divorce, there may be the concern of how and who will pay back those that might have helped the couple money-wise, such as down payments. A postnuptial agreement can guarantee reimbursement even if the marriage does not last.
Contact a Wheaton, IL, Postnuptial Agreement Attorney
If you and your spouse are considering filling out a postnuptial agreement, getting assistance from an experienced DuPage County family law attorney can help you create an enforceable contract. Contact us at Andrew Cores Family Law Group or call us at 630-871-1002 for a free consultation today.