Should My Spouse and I Create a Postnuptial Agreement?

 Posted on April 26, 2023 in Illinois Family Law

Marriage can be a beautiful union between loving spouses, but it is also a legal and financial partnership. While love and trust are the foundation of a healthy relationship, there is always the possibility that a marriage may break down, and it is wise to consider the possibility of a divorce. Because of this, many couples choose to sign a prenuptial agreement before they tie the knot. However, what if you are already married, but you believe that you need to take steps to protect your assets and interests in a potential divorce? In these situations, you may wish to create a postnuptial agreement. By understanding the situations where a postnuptial agreement may be beneficial, you can make an informed decision, and you can put measures in place to protect yourself if your marriage breaks down in the future.

Situations Where a Postnuptial Agreement May Be Beneficial

A postnuptial agreement, which is also known as a post-marital agreement or postnup, is a legal document that outlines how certain financial issues will be addressed if you choose to get a divorce or a legal separation. A postnuptial agreement may address the same issues as a prenuptial agreement, and it may be signed at any time after getting married.

With a postnup, you can decide how assets and debts will be divided during a divorce, and you can also determine how issues related to spousal support will be handled. This can help you avoid conflict while also ensuring that both you and your spouse will be able to meet your financial needs. A postnuptial agreement can help you:

• Protect your business - If you own a business, a postnuptial agreement can be useful in ensuring that it will remain intact if your marriage ends in divorce. You can outline how the business assets will be divided between you and your spouse while also deciding who will have control over the business after the divorce. This can help prevent disputes while ensuring that you can continue to benefit from business ownership.

• Clarify your finances - If you and your spouse have different financial goals, attitudes towards money, or separate finances, you might find it useful to create a postnuptial agreement. Your agreement can clearly outline who is responsible for paying certain debts and how assets will be divided during a divorce. This can help reduce tension and arguments about money later on.

• Protect your children - If you have children from a previous marriage or relationship, a postnuptial agreement can help protect their financial future. You may want to set aside a certain amount of money or some specific items that will go to your children in the event of a divorce or after the death of a spouse. This can help ensure that your children receive their fair share of your estate while also avoiding disputes about who should get what property during a divorce.

• Rebuild trust - If you and your spouse have encountered relationship issues related to infidelity or other actions, a postnuptial agreement can be a way to begin repairing your relationship and ensuring that you can regain trust in one another. You can agree on certain conditions, such as staying faithful, being honest about finances, or seeking counseling, and by making decisions about what will happen if you do choose to get a divorce, both of you will understand the potential consequences you may face if these conditions are not met. This can bring peace of mind to both of you, and it may make your relationship stronger over time.

• Address future changes - A postnuptial agreement can also be useful if you anticipate changes in your finances, family structure, or employment status. For example, if you are planning on going back to school or starting a new business, or if you are preparing to have children, and one spouse wishes to be a stay-at-home parent, you might want to discuss how those changes will affect your financial situation and update your postnup as needed.

Contact Our Oakbrook Terrace Postnuptial Agreement Attorneys

A postnuptial agreement can be a useful tool if you are looking to protect your financial interests and secure your future. A postnup can provide you with peace of mind and prevent unnecessary conflict in a potential future divorce. If you and your spouse are considering a postnuptial agreement, the knowledgeable DuPage County postnup lawyers at Farooqi & Husain Law Office can help you understand how to proceed. We will work with you to negotiate an agreement that will meet your needs and provide you with financial security. Contact our firm at 630-909-9114 to set up an appointment and learn more about how we can assist you.

Sources:

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

https://www.investopedia.com/terms/p/postnuptial_agreement.asp

https://www.cnbc.com/2022/11/27/heres-why-married-couples-might-want-to-sign-a-postnuptial-agreement.html