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If We Do Not Have a Prenuptial, Do We Need a Postnuptial Agreement?

Posted on in Family Law

IL PreNup lawyer

Marriage is an exciting period for couples. They often cannot imagine a time when they would not want to share everything, and so they feel as though a prenuptial agreement is not necessary. Sometimes couples avoid creating a prenuptial agreement together because they feel as though it dooms the marriage to fail. 

However, once the marriage takes place and they return to the routine of everyday life, spouses realize that marriage is often a challenging enterprise. What may have once seemed guaranteed may no longer seem so simple. When this happens - and even if it does not - it is beneficial for newly married couples to consider a postnuptial agreement

What is a Postnuptial Agreement? 

Illinois recognizes postnuptial agreements, which are simply legally binding agreements couples create after they are already married. Postnuptial agreements address the same things that prenuptial agreements address. Some of the many things a couple may decide to agree to in a postnuptial agreement include:

  • How much money each spouse will contribute to a shared savings account

  • Who will pay for home repairs and home improvements (this is especially valuable if one spouse owns a property and does not want the other spouse to be entitled to a portion of the increase in the value of the property over the course of the marriage) 

  • Whether spouses will pay spousal support to each other if they get divorced 

  • Whether each spouse will be responsible for their own debt in the event of a divorce 

Why Would a Married Couple Choose to Create a Postnuptial Agreement? 

If you are already married, you may wonder why you should consider spending the time to draw up a postnuptial agreement. However,  it is much easier to make an agreement when the relationship is going well and there are circumstances in which a postnuptial agreement would benefit both spouses. These include:

  • If one or both spouses have children from previous marriages

  • If one spouse has substantially more debt than the other

  • If one spouse has substantially more income or owns more assets than the other

  • If one spouse has a profitable business

  • If one spouse already has inherited money or property or expects to at some point during the marriage

Contact an Oak Brook Postnuptial Agreement Lawyer

Protecting your assets by using a postnuptial agreement does not mean that you think your marriage will end in divorce. Instead, postnups are a great way to show your partner that you respect them enough to protect both of you if things do not go according to plan. The Cook County postnuptial agreement attorneys with Botti Marinaccio, LTD have experience creating prenuptial and postnuptial agreements, and will help you draft an agreement that meets you and your spouse’s needs. Call us today at 630-575-8585 to schedule a consultation. 

 

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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