Prenuptial agreements are growing in popularity as a great way for engaged couples to delineate their financial expectations in a relationship and stipulate what will happen with certain issues if they get divorced. However, not everyone wants a prenuptial agreement before they get married and cannot imagine a scenario in which they get divorced.
Fortunately, the state of Illinois allows married couples to create a postnuptial agreement after the excitement of the wedding wears off and spouses settle into real life. But postnuptial agreements are not only for couples facing challenges - they can give all couples comfort in knowing that if a divorce is down the road, but they can also settle certain issues quickly and easily, potentially saving themselves time, money, and heartache.
What is the Point of a Postnuptial Agreement?
Like a prenuptial agreement, postnuptial agreements are legal contracts wherein spouses agree ahead of time about what they will do regarding certain issues if they should get divorced. Specifically, postnuptial agreements often address the question of marital and individual property, determining how spouses will divide what they owned before getting married and what they have accumulated together. Spouses can also address the question of spousal maintenance (formerly known as alimony) and may even address what the financial contributions of each spouse towards retirement and savings funds will be during the marriage.
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