St. Charles Postnuptial Agreement Lawyers

St. Charles Family Law Attorneys Explain Postmarital Asset Protection Plans

When you first got married, you may not have had many assets yet or saw any risk of divorce, so you saw no need for a prenuptial agreement. Since that time, you may have grown concerned about what could happen to your financial well-being in the event of divorce and are thinking about creating a postnuptial agreement. Or perhaps your spouse has had a postnuptial agreement drawn up and wants you to sign it.

At Weiler & Associates, Inc., we appreciate the concerns you may have about signing a postnuptial agreement with your spouse, whether you are the one initiating the process or not. You may feel unsure about how to argue for or against it without disrupting your marital harmony. But realistically, a postnup can benefit both parties, giving you the chance to discuss the future together, to express your individual concerns, and to commit your agreements to paper.

Illinois Law on Postnuptial Agreements

While Illinois has a specific law governing prenuptial agreements, there is no equivalent law governing postnuptial agreements.

Illinois divorce law (750 ILCS 5/503) does specify that "property excluded by valid agreement of the parties, including a premarital agreement or a postnuptial agreement" will not be subject to division but rather will remain the sole and separate property of the owner designated in such agreement.

It is generally understood that the courts will not enforce a provision in a contract that is illegal or against public policy. For example, a postnuptial agreement cannot be used to shield assets when you have unmet child support obligations. In a similar vein, if the enforcement of a postnuptial agreement as part of a divorce settlement would leave one spouse destitute, a court might find that settlement unconscionable and order a different settlement to be made.

We strongly recommend that both parties consult a lawyer before signing a postnuptial agreement, although this is not expressly required by Illinois law. In addition, full disclosure of assets should be made by both parties.

Reasons to Create a Postnuptial Agreement

The main reason people create a postnup is to specify the future disposition of specific assets regardless of when acquired and regardless of the source of funds used to acquire them. In other words, you can pre-determine whether an asset will be considered a marital asset subject to division in a divorce or whether that asset will be declared your sole and separate non-marital property.

You might also want to create a postnup if you have concerns about your spouse accumulating large amounts of debt, being addicted to gambling, or dissipating assets in extramarital affairs.

The attorneys of Weiler & Associates, Inc. can write a postnuptial agreement that will protect your interests in situations like these:

• You own a business, or want to try starting one, and want to make an agreement regarding who gets control and ownership of the business in the event of a divorce as well as after your death.
• You inherit a large sum and want to protect its status as a non-marital asset in the event of divorce, while in the meantime using the money to upgrade the family home or to invest in the family business.
• You and your spouse want to agree that your separate retirement accounts will remain your separate property if you divorce.
• You want to make sure you are guaranteed a certain amount of financial support if you divorce because you sacrificed your career to stay home with your children and now your earning power is low while your spouse's is high.
• Your children are all adults now, and you want to set limits on how much of your marital income you will spend on them. Similar agreements could be made regarding support for elderly parents or other relatives.
• You know or suspect your spouse is cheating and want to be protected financially before recommitting to the marriage.

Postnuptial Agreement Attorneys in St. Charles, Illinois

It is always wise to plan ahead for adverse events like divorce, no matter how low the risk might seem. Weiler & Associates, Inc. will apply all of our knowledge and experience in divorce law to create a complete and solid postnuptial agreement for you. Contact us in our St. Charles office at 630-331-9110. We serve in clients in St. Charles, Geneva, Batavia, South Elgin, and neighboring communities in Kane County.