3 Reasons Why a Couple May Want to Use a Postnuptial Agreement

 Posted on November 13, 2021 in Divorce

When a couple gets married, they usually expect to stay together for the rest of their lives. However, things do not always go as planned, and divorce may become a possibility. In some cases, a couple may plan for the eventuality of divorce by creating a prenuptial agreement before they get married. For those who had not created a prenup, a postnuptial agreement can be created at any time during the couple’s marriage, and it can make decisions about how certain matters will be handled in a potential divorce, including issues related to the division of property or spousal maintenance. By understanding when this type of agreement can be beneficial, spouses can determine how best to protect their rights and ensure that they will be prepared to address legal issues if they decide to end their marriage in the future.

Reasons to Create a Postnuptial Agreement

There are multiple situations where a postnup may be a good idea, including:

• One spouse is a business owner - If a spouse has founded a family business or professional practice during their marriage, the business will be considered a marital asset. Dividing business assets between spouses during a divorce may affect the business’s ability to remain in operation. A postnuptial agreement may be used to protect the business and ensure that it will be owned by one spouse if the couple gets divorced. Spouses may also use a postnup to ensure that marital assets are protected in cases where a spouse wishes to make risky business investments. This will ensure that the family home or other assets will not be placed at risk if a business fails or if a spouse suffers significant financial losses.

• One spouse is a stay-at-home parent - After a couple has children, they may decide that one spouse will provide childcare and handle other household responsibilities rather than working outside the home. However, a parent who makes these types of sacrifices may be concerned about their ability to support themselves and their children if the couple gets divorced. A postnuptial agreement can provide some protection for a stay-at-home parent by making decisions about ownership of marital assets or ensuring that they will be able to receive spousal support.

• The spouses are looking to repair their relationship - If a couple is experiencing marital issues that may lead to divorce, but they believe that they can reconcile, a postnuptial agreement can help them do so. By making decisions about what will happen if they do choose to end their marriage, they will understand exactly what is on the table as they work on rebuilding their relationship. A postnup may also be used to address specific situations, such as infidelity, providing spouses with reassurance about how issues related to their relationship may be handled in the future.

Contact Our Wheaton Postnuptial Agreement Lawyers

If you believe that a postnuptial agreement may be beneficial in your marriage, or if you want to know more about your options for making decisions regarding a potential divorce, Goostree Law Group can advise you of your rights and options. We will work with you to create an agreement that will meet your needs, and we can also provide you with representation if you choose to end your marriage. Contact our DuPage County postnup attorneys at 630-364-4046 to set up a free consultation.

Sources:

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

https://money.usnews.com/money/personal-finance/family-finance/articles/what-is-a-postnuptial-agreement

https://www.investopedia.com/terms/p/postnuptial_agreement.asp