Does it Make Sense For Us to Sign a Postnuptial Agreement in Illinois? 

 Posted on February 22, 2022 in Divorce

Couples engaged to be married in DuPage County may choose not to create a prenuptial agreement for several reasons. They may feel that such an agreement detracts from their commitment, or they may believe they do not have sufficient assets to justify the time and expense required to create such a contract. However, once a couple has gotten married, the benefits of a similar contract - the postnuptial agreement - may become clear. Creating a postnup does not mean you plan to get divorced; rather, it allows spouses to protect each other if a divorce does happen. Couples create postnups for many reasons, but knowing the most common reasons may help you decide whether you want to create your own.

Common Reasons For Creating a Postnuptial Agreement

A postnup can address many of the same topics as a prenup and is bound by similar limitations. For example, a couple cannot decide how to handle child support or child custody in their postnup, but they may address other issues that usually have to do with finances. Here are some common reasons couples decide to sign a postnup in Illinois:

• Marital problems - Most couples get into serious arguments and question the longevity of their relationship at some point. For some spouses, however, the disagreements are serious enough to warrant a major renegotiation of the entire relationship. This may mean that a continued relationship is contingent on certain conditions being met, including a commitment to pay alimony, or to split assets or debts in certain ways in the event of a divorce.

• Entrepreneurship - If a married person wants to start a business during a marriage but does not want to permanently expose their spouse to debt from the business if they get divorced, spouses may sign a postnup stating that all business ownership, income, and debts remain the sole property and responsibility of one spouse in the event of divorce. Likewise, spouses can agree to divide business assets equally, or allow one spouse to buy out the other spouse’s value so the business can remain operational.

• Significant debt - A spouse may decide to go back to school, make a major investment in a risky stock, or purchase an investment property. When there is significant risk attached to debt, or when the debt is sizable, spouses may want to protect each other from sharing that risk using a postnuptial agreement that states the spouse who took out the debt is exclusively responsible for it.

Contact a Naperville, IL Postnuptial Agreement Lawyer

Before you decide whether to create or sign a postnuptial agreement, you should understand your options so you can make an informed decision. At Calabrese Associates, P.C., we believe that knowledge is power and we work hard to provide our clients with the information they need to negotiate a postnuptial agreement that will benefit them in the future. For help in this complex area of Illinois family law, call us today at 630-393-3111 to schedule a consultation with one of our experienced Naperville postnuptial agreement attorneys.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000