Creating a Postnuptial Agreement in Illinois

 Posted on July 06, 2023 in Prenuptial Agreements

Divorce can be a complex topic, especially during the beginning of a new marriage. However, if you have assets you want to protect if the marriage does end in divorce, then putting together a postnuptial agreement might be in your best interest. If a postnuptial agreement is something you are considering when entering a new marriage, then knowing the best way to put it together is essential.

It is also important first to know the difference between a prenuptial and a postnuptial agreement. A prenuptial agreement refers to agreements made before a couple is officially married. A postnuptial agreement is any agreement made after the couple is married. Other than when these agreements are executed, they are the same.

What Is Included In a Postnuptial Agreement?

The most critical information included in a postnuptial agreement is how you plan to divide any property and assets if you get a divorce or if one of the parties passes away. Debts should also be considered when creating a postnuptial agreement. If a couple plans to purchase a house together or have a joint credit card, it might be in the couple's best interest to decide how to divide any marital debts. If a spouse passes away during the marriage, a prenuptial agreement can determine how assets will be transferred to beneficiaries.

Spouses can also use a prenuptial agreement to determine whether one spouse will pay any spousal support to the other, including the amount and lengths of those payments. A prenuptial agreement cannot, however, decide on matters of child support. Decisions about child support or custody can only be made during the divorce process.

Why Make a Postnuptial Agreement?

It may not be easy to understand why a newly married couple would want to make a postnuptial agreement before getting married, when hopes for a relationship are at their highest. Creating this agreement does not ultimately mean that a party thinks there is a possibility of divorce in the future; there are many other reasons to have a premarital agreement.

Some of these include:

• One of the parties has children from a past relationship and wants to ensure their children receive certain assets or property no matter what happens

• A spouse has a history of irresponsible spending, such as gambling or spending problems, and the other spouse wants to protect him or herself from potential debt

• Spouses agree one spouse will stop working to care for children and the couple wants to ensure that if the parties choose to get a divorce, the caregiving parent will assuredly have financial help until they can financially take care of themselves

Contact a Naperville Postnuptial Attorney

A postnuptial agreement can help alleviate any financial or emotional stress going into a new marriage with the fear of possible divorce or loss of a spouse. Having the assistance of an experienced postnuptial attorney is essential when drawing up an enforceable and fair agreement. Contact our DuPage County postnuptial attorney with Pesce Law Group, P.C. to learn how we can help you create a postnuptial agreement that works for you and your spouse. Call 630-352-2240 to set up a free consultation today.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000