How Can a Postnuptial Agreement be Beneficial in Illinois?

 Posted on October 22,2019 in Illinois Divorce

A postnuptial agreement, or postnup, is a legally binding contract that can be executed after a couple finalizes their marriage. Similar to a prenuptial agreement, a postnup can help two individuals identify marital and non-marital assets following a divorce. Although the introduction of this topic might upset a spouse, a legally binding document may be beneficial for both parties. If a dissolution of marriage were to take place, having an agreement in place could expedite the process and better prepare each individual for the future

Why Should I Establish a Postnuptial Agreement?

When the thought of a postnuptial agreement goes through an individual's head, a preconceived notion of a failed marriage can quickly resonate. Although it may be simple to make that connection, it is oftentimes not true. Before a marriage is enacted or if situations start to change, the idea of planning for your future could be favorable for both members

A postnuptial agreement may be beneficial if:

• A prenup was desired before the marriage.
• A couple wants to protect his or her loved ones.
• The couple cannot agree upon expectations of debt, property, or assets.
• A marriage involves children from previous relationships.
• An individual wants to keep a business separate from his or her marriage.

Providing each individual with an understanding of where he or she stands in a marriage is one of the greatest benefits that a postnuptial agreement can offer. Unforeseen circumstances can happen in the blink of an eye, and having a plan in place could alleviate a lot of time and frustration for you and your spouse. Additionally, an open and honest conversation with your spouse could further strengthen a marriage. A postnuptial agreement can be an important tool for an individual to protect his or her best future interests.

Postnuptial Agreement Limitations

Dependent on what agreements are made in a postnuptial agreement, a court may decide not to enforce them. For example, if a divorce were to leave one member financially unstable, a judge may require additional spousal support to be distributed. The court will also not enforce any provisions that address child custody, parenting time, or child support related to the couple's children. Before signing any legal documents, it is important to understand the possible implications

Contact a Kane County Family Law Attorney

Planning for an unforeseen circumstance can protect your assets and finances in the future. At Weiler & Associates, Inc., our attorneys are knowledgeable on postnuptial agreements and can provide insight to your specific case. Before constructing or signing a postnup, call our office at 630-331-9110 and speak to one of our experienced St. Charles postnuptial agreement lawyers

Sources:

https://www.forbes.com/sites/heatherlocus/2018/09/23/why-prenuptial-and-postnuptial-agreements-lead-to-stronger-marriages-and-prevent-disastrous-divorces/#1af43cfd6488

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=075000050K503