What Issues Can Postnuptial Agreements Address in Illinois?

 Posted on July 22,2020 in Family Law

Married couples can create a postnuptial agreement to predetermine what would happen if they eventually divorced or in the event of one spouse’s death. Postnuptial agreements are not, however, required to discuss every aspect of separation. Although the process of creating a postnuptial arrangement is fairly uniform, you and your spouse have the flexibility to focus your legal agreement on particular areas of your life. If you and your spouse are interested in drafting one, you can cater the legal document to pertain to your interests, assets, and finances with the help of an experienced attorney. 

Topics Couples Tend to Focus on in Postnuptial Agreements

One of the most popular reasons married couples complete a postnuptial agreement is to determine how they will divide assets and liabilities. These agreements also tend to state whether or not one spouse will provide alimony or spousal support. Spouses can waive their rights to spousal support, if they wish, to gain specific marital property. Postnuptial agreements can cover how marital property will be divided and what will happen to any property that either spouse possessed before the marriage. For those who brought a family business into their marriage, the postnup can outline what would happen with the business in case of a divorce.

If a couple has children from previous marriages, it is important to consider how either spouse’s estate would be divided after their deaths. The Illinois intestacy laws state that if someone dies without a will, his or her probate estate will be divided in half - one half goes to the deceased person’s spouse, the other goes to his or her children. If a spouse wishes for the estate to be passed to his or her children from a previous marriage, then he or she can define the terms in a postnuptial agreement.

Divorce proceedings can be stressful, time-consuming, and expensive. However, if you already have an agreement that addresses most of what you need to have in a divorce decree, that process will be smoother. It is important to note, however, that you cannot discuss child custody and visitation in a marital agreement. These details will be determined at the time of your divorce since they are made in the best interests of your child at that time.

Contact a Naperville, IL Postnuptial Agreement Attorney

Postnuptial agreements do not imply that you and your spouse will separate; they are just a backup plan. Develop a marital agreement that will protect you and your assets by meeting with a trustworthy DuPage County family law attorney. At Pesce Law Group, P.C., we will be able to answer any further questions you have about what you can include in a marital agreement. We will also help you create a postnuptial agreement that is fair and enforceable. Contact us today at 630-352-2240 to schedule a free consultation.

Sources:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.legalnature.com/guides/everything-you-need-to-know-about-postnuptial-agreements