Do I Need a Postnuptial Agreement?

 Posted on June 07,2023 in Divorce

Postnuptial agreements are similar to prenuptial agreements. They are contracts that govern how marital property would be divided in the event of a divorce. The difference is that a postnuptial agreement is signed after the two spouses have married. These agreements could be crucial in certain circumstances. An Illinois divorce lawyer can advise you about whether you should seek a postnuptial agreement and help you draft an agreement that meets your unique needs. 

You Did Not Sign a Prenuptial Agreement but Want to Now

Some future spouses do not want to talk about money before they are married. They may think that there is a stigma attached to a prenuptial agreement that keeps them from entertaining it or be unaware of the benefits of signing a prenuptial agreement. However, they may now realize they made a mistake by not signing one. A postnuptial agreement is a way to remedy what may now seem like an error.

One (or Both) Spouses Made Significant Money During the Marriage

The two spouses may not have had significant financial resources when they got married (or at least enough to justify a prenuptial agreement). Over time, their financial situation may have changed for the better. Now, one spouse may have assets to protect, while the other may want to assure themselves of a certain amount of assets if they get divorced.

One Spouse May Not Be Good with Money

Spouses often come into conflict over how to handle and manage their money. One spouse may have a gambling problem, or they may make poor investments. The other spouse may not want to bear the risk of these decisions, so they may seek to protect their rights through a postnuptial agreement.

There Are Children from Previous Relationships

A parent may want to leave some property to their spouse and some to their other children. They do not want conflict after they pass away. One can assure that their spouse will receive a certain allocation through a postnuptial agreement, while still taking care of their children.

It is crucial to get legal help when you are considering and drafting a postnuptial agreement to increase the chances that it will be enforceable when it is needed. 

Contact a Will County Divorce Lawyer Today

A postnuptial agreement can be valuable for both spouses if everything is done correctly. Always, this will mean that each spouse will need their own lawyer to advise them during negotiations and the drafting process. The Naperville divorce lawyers at Law Office of Ronald L. Hendrix, P.C. can help. Call us today at 630-355-7776 to schedule your free initial consultation. 

Source:

https://www.cnbc.com/2022/11/27/heres-why-married-couples-might-want-to-sign-a-postnuptial-agreement.html