Top Reasons For a Postnuptial Agreement

 Posted on November 22, 2023 in Family Law

Even the most happily married couples can benefit from drafting a postnuptial agreement. Though it may have been better to sign a premarital agreement before tying the knot, a postnuptial agreement can still enable both parties to protect their interests in the event the blissful union comes crashing down in the future. For help with drafting either a premarital agreement or postnuptial agreement, consult an experienced and qualified lawyer.

What is a Postnuptial Agreement?

Premarital agreements occur before getting married. Both parties sign a contract defining what belongs to them and remain with them should a divorce happen sometime after saying their vows. A postnuptial agreement, or postmarital agreement, is similar but happens after the marriage has already started.

In a postmarital agreement, each spouse will decide which future assets should belong to whom in case they ever choose to dissolve the marriage. You can think of a premarital agreement as legal protection for the past, whereas a postmarital agreement protects your assets for the future.

Why Should Anyone Want a Postnuptial Agreement?

The most obvious reason for getting a postnuptial agreement is that you forgot to sign a premarital agreement. Both parties may have wanted to sign a premarital agreement, but life got in the way, as it tends to do. Cooperative couples can look through what they have and divide it in a healthy way so that neither party is left wanting should a divorce rear its ugly head.

Another reason is to protect your current wealth. You may be expecting to receive a significant asset inheritance in the future. A postnuptial agreement can ensure you leave with all your holdings once a divorce is finalized.

When one spouse invests in a business after marriage, a postnuptial agreement is a great way to protect your income and assets from being divided fairly and equitably in an Illinois court. Without a postnuptial agreement, your business is open to a divide even if the other spouse has never contributed to its growth.

In the end, a postnup can help you get clarity on what assets and debts are yours and which ones are your partners. You will be able to set expectations on how you will fair once the dust of divorce settles. Granted, the postnuptial agreement must still appear as fair and equitable to an Illinois judge, and there must be no sign of coercion present during the signing.

Consult a DuPage County, IL Family Law Attorney

Fawell & Fawell offers free consultations to any spouse or couple with questions or concerns about their marriage or impending divorce. An experienced Wheaton, IL family lawyer can help you draft a clear and concise postnuptial agreement that is fair and equitable to both parties in the eyes of a judge. Contact our office at 630-871-2400 to set up an appointment and receive an invaluable discussion on what you should do next.