What Are the Benefits of a Postnuptial Agreement in Illinois?
When two people enter into marriage, they may not consider what would happen if the relationship sours. However, a prenuptial agreement that is signed before the wedding can outline how certain issues are addressed and assets are divided in the event of a divorce. A postnuptial agreement is a legal document that is drafted after a couple gets married or enters into a civil union. Similar to a prenup, the provisions in a postnup commonly account for the division of property and spousal support in a divorce, or the death of a spouse. In many ways, a postnuptial agreement provides a sense of security and trust by clarifying how certain issues will be handled in the future if the two spouses go their separate ways. It can also save time and money since the parties do not have to go to court to hash out the details of their case.
Safeguarding Your Interests
Although you may think your love is going to last forever, circumstances and people can change. There are many benefits to planning for the unknown, even after you are legally married. In order for a postnup to be valid in Illinois, the document must be put in writing and signed voluntarily by both spouses in the presence of a witness. In other words, a spouse cannot be coerced or forced into signing a premarital or postnuptial agreement. In addition, a full and accurate disclosure of financial records is necessary when making a postnup.
In the absence of a prenuptial agreement, a postnuptial agreement can do the following:
- Specify ownership of property and assets in the event of a divorce.
- Amend an existing prenuptial or postnuptial agreement.
- Arrange for financial support of children from previous marriages.
- Designate who is responsible for paying off any marital debt.
- Address and resolve property and financial concerns.
In some situations, a postnuptial agreement allows married couples to address financial problems that may have existed in the marriage for a long time. These concerns might involve spending habits, the family business, or the care and support of relatives such as elderly parents. A postnuptial agreement can also convert marital property to non-marital or separate property or vice versa. Working out these types of issues often relieves a sense of pressure put on the marriage by making everyone’s wishes more transparent.
Contact a Palatine Family Lawyer
If you are getting married or are already married but have questions or concerns regarding your assets, you may want to consider making a postnuptial agreement. The Law Office of Nicholas W. Richardson can advise you on what should be included in this important document. Our knowledgeable Hoffman Estates family law attorney is well-versed in Illinois family law issues. To schedule a free, confidential consultation, call us today at 847.873.6741.