Should We Sign an Illinois Postnuptial Agreement?

 Posted on March 28, 2024 in Prenuptial & Postnuptial Agreements

A prenuptial agreement can often be an excellent thing for an engaged couple to sign as they prepare for married life. It will get them in the habit of thinking about their money and assets not as theirs individually but as theirs as a couple. It can also give them a great deal of peace of mind, knowing that if the marriage does not succeed, their finances will be protected and they will have a fair settlement.

However, many couples do not sign a prenup. For some, the idea of planning for a hypothetical divorce before even giving their marriage a chance seems unpleasant. Others might get so swept up in the romance and excitement of planning their wedding that they accidentally overlook this step even if they find it reasonable. Whatever the reason, some people find once they are married that they regret the fact they never signed one. If this describes you, a postnuptial agreement might be a good option for you. Speak with an experienced Kane County, IL divorce lawyer to find out more.

What Can a Postnuptial Agreement Include?

Very similar to a prenup, a postnuptial agreement lists each spouse’s financial responsibilities and interests. Every couple has its own unique finances, and your postnuptial agreement should reflect yours. Postnuptial agreements include several aspects, including:

• A list of non-marital assets that each spouse came into the marriage with, which will be protected from a division of assets in the case of divorce.
• An explanation of any inheritance either spouse has received, which will remain that spouse’s sole property and will not be divided in divorce.
• A list of the expenses each spouse is expected to cover throughout the marriage and how each will contribute to shared savings and retirement planning.
• Descriptions of alimony arrangements that can be expected if the couple gets a divorce while both spouses’ incomes remain similar to what it is at the time the postnup is signed.

When is a Postnuptial Agreement Recommended?

Generally speaking, a postnup is a good idea to consider for couples who have not signed a prenup. However, there are certain circumstances under which it is particularly recommended, including:

• If either spouse has substantially more valuable assets or higher income than the other.
• If either spouse amassed substantial debt before the marriage.
• If either spouse is the owner of a profitable business.

Schedule a Free Consultation with an Illinois Postnuptial Agreement Lawyer

If you and your spouse have been wondering whether you should have signed a prenup when you had the chance, a qualified St. Charles, IL divorce attorney can review your finances and background and offer helpful guidance. Call Goostree Law Group at 630-584-4800 to schedule a free consultation.