Do My Spouse and I Need a Postnuptial Agreement in Illinois?

 Posted on December 08, 2020 in Family Law

Most people are familiar with the concept of a prenuptial agreement, if for no other reason than the media attention given to many high-profile marriages and divorces. Postnuptial agreements are not as well-known, but they are a viable option for many married couples when the partners have assets they wish to protect. Although they are not necessary for every marriage, it may be worth considering whether a postnuptial agreement is a good choice for you and your spouse.

What Can a Postnuptial Agreement Include?

Postnuptial agreements can address many of the same matters as prenuptial agreements, with the primary difference being that prenuptial agreements are established before the partners are legally married, while postnuptial agreements are established after. Some specific items that you may want to address in a postnuptial agreement include:

• The possession and rights to certain properties during the marriage, including the ability to manage the property or engage in a transaction involving the property.

• Provisions for the division of property in the event of a divorce.

• Provisions for the payment of spousal support from one spouse to the other in the event of a divorce.

• Creation or modification of a will or trust to reflect the terms of the agreement, and provisions regarding life-insurance policy death benefits.

In order for the agreement to be enforceable, you should be sure that you and your spouse both enter it willingly and with all necessary information to make an informed decision. You should also avoid including any terms regarding child support or child custody, as these must be determined at the time of a divorce.

Why Create a Postnuptial Agreement?

A postnuptial agreement may be a good idea if you and your spouse experience a significant event during your marriage that results in a change to your financial situation. Examples include:

• A large inheritance: If one partner comes into a large sum of money during the marriage, it may be a good idea to establish a postnuptial agreement clarifying that spouse’s possession of the assets both during the marriage and in case of divorce.

• Business acquisition or restructuring: A business founded or acquired during a marriage will often be considered marital property, and a postnuptial agreement can clarify each partner’s interest in the business from the start. A postnup can also help when there is a major change in the ownership of an existing business.

• Sacrifices for the other spouse’s career: If one partner puts his or her career on hold to be a stay-at-home parent or otherwise support the other spouse’s career, it may be a good idea to create a postnuptial agreement providing for spousal support if the marriage ends.

• Marital strife: For some couples who experience conflict that threatens the marriage, a postnuptial agreement can be an opportunity to get on the same page, or a show of good faith.

Contact a St. Charles Postnuptial Agreement Lawyer

At the accomplished law firm of Weiler & Associates, Inc., we help our clients manage the complicated financial and legal issues that arise during marriage and divorce. If you are considering a postnuptial agreement, we can help you and your spouse put one in place that is tailored to your specific situation and needs. Contact an experienced Kane County family law attorney today at 630-331-9110 to schedule a private consultation.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59

https://www.investopedia.com/personal-finance/postnuptial-agreements-more-couples-signing-them-are-they-enforceable/