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What Are Benefits and Drawbacks of Creating a Postnuptial Agreement?

Posted on in Divorce

IL divorce lawyerPrenuptial 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.

Are Postnuptial Agreements Always a Good Idea?

Although postnuptial agreements have the potential to benefit each spouse, they are not without their risks. Once a postnup is signed, it is legally enforceable and cannot be amended except in writing. Spouses must be very careful to ensure they do not sign away things that are important to them. It is important for each spouse to have their own lawyer review the postnuptial agreement before it is signed.

Sometimes, negotiating a postnuptial agreement can commodify the relationship to such an extent that couples may find themselves struggling to trust each other or understand their role in the relationship. Family members and friends may give advice, but only the individuals in the marriage know whether signing a postnuptial agreement is right for them.

Speak with a Will County Postnuptial Agreements Lawyer

If you are already married and wonder if a postnuptial agreement could be a good idea for you and your spouse, consider meeting with an experienced Joliet, IL postnuptial agreement attorney with Reeder & Brown, P.C.. We can help you protect your property and other personal interests that are traditionally addressed in a prenuptial agreement and we always offer a judgment-free space for you to explore your options. Call our office today to schedule your free and confidential consultation. Contact us at 815-768-4800.

 

Source:

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

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