When Can a Postnuptial Agreement Be Beneficial for Married Spouses?

 Posted on February 16, 2021 in Postnuptial Agreements

Most people are familiar with prenuptial agreements that may be signed before a couple gets married. While these agreements can be especially beneficial in situations where one or both spouses own substantial assets before they get married, a prenup can help any couple decide how they will handle certain matters if they ever get divorced. However, what many people may not know is that these types of agreements can also be made after getting married. While some may wonder why a postnuptial agreement would be necessary if a couple did not create a prenuptial agreement, there are many different reasons that couples may choose to enter into these types of agreements.

Situations Where a Postnuptial Agreement May Be Needed

As with prenups, postnups can specify how the division of marital property will be handled during a potential divorce, as well as whether either spouse will pay spousal support to the other. Some examples of cases where spouses may wish to create a postnuptial agreement include:

• Business ownership - If either spouse starts a new business venture during their marriage or acquires an ownership interest in a business, the business will be considered marital property that may be divided between spouses in the case of divorce. This can raise concerns about whether the business will be able to remain operational, which may also affect the income-earning potential of the business owner. To protect a business from dissolution, a postnuptial agreement can specify how the spouses will divide business assets if they get divorced, such as by stating that one spouse will retain ownership of the business, while the other will receive other assets of a similar value.

• Significant debts - During a marriage, one spouse may wish to make risky investments, or either spouse may make other types of purchases or financial decisions that could affect the resources available to their family in the future. To address these concerns, a postnup may state that one spouse will be responsible for repaying certain debts while protecting other assets, such as the family home, from loss if investments do not pan out.

• Relationship concerns - Spouses who are considering divorce but hoping to work out their relationship issues and repair their marriage may wish to protect themselves, especially if one spouse is financially dependent on the other and is worried that their partner will not act in good faith. In these cases, a postnuptial agreement can provide reassurance by stating that one spouse will retain ownership of certain property or that they will receive spousal support if their attempts at reconciliation fail and they decide to pursue a divorce.

Contact Our DuPage County Postnup Attorneys

Whether you believe that you need to protect your assets and finances during your marriage or are considering making an agreement with your spouse that would address a potential divorce, you will want to discuss your options for a postnuptial agreement with an attorney. At Calabrese Associates, P.C., we can help you create an agreement that will address your concerns and help you avoid difficulty and uncertainty in the case of divorce. To learn more, contact our Naperville postnuptial agreement lawyers at 630-393-3111.

Sources:

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