Should You and Your Spouse Consider a Postnuptial Agreement?

 Posted on October 03, 2018 in Family Law

Contrary to what many might believe, prenuptial and postnuptial agreements are a good thing. With the number of couples getting divorced these days hovering around 40 to 50 percent, it should make a lot of sense to want to protect yourself and your assets if you do end up following in the footsteps of millions of Americans. Prenuptial agreements can be useful, but if you do not create such a contract before you tie the knot, postnuptial agreements can be just as good.

What is a Postnuptial Agreement?

A postnuptial agreement is similar to a prenuptial agreement, except a postnuptial agreement is one that is entered into after a couple is already married, while a prenuptial agreement is signed prior to a couple getting married. A prenuptial agreement essentially sets forth out how a couple’s assets and debts will be divided in the event of a divorce.

Could a Postnuptial Agreement be Right For You?

A postnuptial agreement can be helpful for any couple no matter how many assets you have. You should consider getting a prenuptial agreement if:

• Either you or your spouse decides to stay at home to raise the children;
• Either you or your spouse has a significant change in net worth, such as inheritance;
• Either of you has been married before, especially if you have children from a previous marriage; or
• You or your spouse owns or starts a business.

Inclusions in Postnuptial Agreements

There are a variety of things that you can include in a postnuptial agreement. As long as provisions of your agreement do not try to make illegal activities acceptable, you can typically put whatever you want in your postnuptial agreement. Common things that are addressed in prenuptial and postnuptial agreements include:

• What property is considered to be marital property and what property is considered to be non-marital property;
• Who is responsible for paying off certain debts;
• Special agreements about family finances, such as how much should be saved each month;
• How businesses will be handled in the event of a divorce;
• How issues will be decided upon the death or sickness of a spouse; and
• How assets and debts will be divided upon divorce.

A DuPage County Postnuptial Agreement Attorney Can Help

Though the thought of planning for a possible divorce can be daunting, it can also be one of the best things you can do to protect yourself. There are certain laws that dictate how things in a divorce will be handled, such as division of assets, but a postnuptial agreement can override those laws, allowing you more control. A skilled Hinsdale, IL postnuptial agreement lawyer can help you draft an agreement that both you and your spouse feel good about. Contact the Law Office of Martoccio & Martoccio at 630-920-8855 to begin discussing your postnuptial agreement today.

Sources:

https://www.huffpost.com/entry/why-a-postnuptial-agreeme_b_997219

https://abcnews.go.com/Business/forget-prenup-postnuptial-agreement/story?id=28946039

https://www.investopedia.com/articles/pf/08/postnuptial-agreement.asp