Common Reasons for Entering into a Postnuptial Agreement

 Posted on February 22, 2020 in Family Law

Many people are familiar with premarital agreements, also sometimes called prenups. It is understandable that couples enter into these contracts prior to marriage to protect their assets in case of divorce. However, postnuptial agreements cause a little more confusion because people often wonder why a couple would need a contract after they are already married. Below are some of the most common reasons couples create postnuptial agreements.

No Time for a Prenup

Sometimes a couple knows that they would like to create a premarital agreement prior to the wedding, but they simply run out of time. Planning a wedding takes a lot of time and sometimes, a prenup is one task that just never gets done. Or, the couple may want to protect their assets, but they also do not want to think about divorce during one of the happiest times of their life. When either of these is the case, the spouses may choose to create a postnuptial agreement once they have settled into a life together.

The Couple is Working on Reconciliation

In many cases, divorce starts to look like a very real possibility in a marriage and the spouses are not protected by a prenup. In these situations, there has been a serious breakdown of the marital relationship, but at least one spouse may want to try to work out the issues. As a condition of attempting to work things out, one spouse may want to create a postnuptial agreement first.

For example, a husband may have an affair that does serious damage to the marriage. The husband wants to work on restoring the marriage but before trying to work out the issues, the wife may say that she wants the couple to create a postnuptial agreement first. In these cases, even if the marriage does not work out, a postnup can make for a quicker and more affordable divorce.

Modify a Prenup

Couples that create a prenup before getting married often find that over time, it no longer applies or does not provide the full protection it once did. For example, during the marriage, one spouse may start their own business that is very successful, but the other spouse may have very little to do with it. A postnup can take the place of the prenup, including everything the premarital agreement did, as well as the assets one spouse now wants to protect.

Third-Party Obligations

In certain cases, it is not the couple that wants to create a postnup, but another person. For example, the parents of one spouse may want to hand down the family business. However, the parents may also want reassurance that the business will never be sold or given to the other spouse as part of a divorce. In this case, the parents may require that the couple draft a postnup before transferring ownership rights of the business.

Our Experienced Illinois Family Lawyers can Help with Your Postnup

There are many reasons you may want to enter into a postnuptial agreement. Whatever your reason is, you should speak to a skilled Hinsdale family lawyer that can help. At the Law Office of Martoccio & Martoccio, we can draft an agreement that is enforceable, protects your interests, and provides the peace of mind you need. If you think a postnuptial agreement is right for you, call us today at 630-920-8855 to schedule your free consultation.

Source:

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