3 Common Reasons for a Postnuptial Agreement

 Posted on November 27,2023 in Postnuptial Agreements

Postnuptial agreements and premarital agreements are almost identical. The primary difference is that premarital agreements are generally used to protect your past and current assets before marriage. In contrast, a postnuptial agreement can protect future assets after the wedding occurs. For more in-depth coverage of premarital and postnuptial agreements and their uses, consult an experienced family law attorney.

What is a Postnuptial Agreement?

Often referred to as a postnup, a postnuptial agreement is a legal contract usually outlining how assets will be divided in the event of divorce. It is a contract written and signed by both spouses after a couple is legally wed. They have become increasingly common in recent years and provide numerous reasons for their existence that can benefit any marriage.

Protect Your Wealth

The most common reason for a postnup is to protect one's assets, especially those who are substantially wealthy or who expect to inherit significant wealth in the future. A postnup can help ensure your assets remain your own and avoid fair and equitable distribution by the court.

The same can be said if you or your spouse owns a business. A postnup can help protect your income and assets earned during marriage. Without one, your ex-spouse may be eligible to receive a portion of the business's income or a percentage of the business's worth.

Protect Your Progeny

Children from a previous marriage may already stand to inherit some of your property or assets either through a trust or will. To ensure that your wishes are fulfilled, and children from a previous marriage retain access to assets owed, a postnup can help ensure it happens. You can map out exactly which assets will go toward your current spouse and family and what is saved specifically for your other children in the event of your death.

You Forgot The Prenup

Sometimes, things move so fast during the wedding planning that a premarital agreement falls by the wayside. It is also possible neither you nor your spouse were worried about a prenup and decided to marry without one. However, now you must protect a few things if the marriage does not go as planned. In that case, a postnup is still available to you, so long as your significant other is willing to sign it. A postnup should help you address any concerns that a premarital agreement would have covered.

Contact a DuPage County, IL Family Law Attorney

In a marriage, situations can change, requiring you and your spouse to look at finances and other legal matters differently. An experienced Naperville, IL, postnuptial agreement lawyer can help you draft a postnup according to your wishes. Contact Calabrese Associates, P.C. at 630-393-3111 to set up an appointment today.