Prenuptial agreements and postnuptial agreements are contracts that give a couple the power to determine what will happen to their property and assets if they get a divorce. Of course you are not entering a marriage thinking that it will end. And, you might not ever need to use the agreement. However, it may be important to hire an attorney to craft an agreement to protect yourself and your family.
Why you might need a pre or post nuptial agreement
There are many reasons you may want to hire an attorney for a prenuptial agreement or postnuptial agreement.
- If you already have children, you likely want to ensure they are provided for. A marital agreement and other financial planning can prevent disagreements and make sure the children are supported.
- When there is a business that one or both of you own, you’ll need to make decisions to secure that business if a divorce happens.
- Having a prenuptial or postnuptial agreement can reduce costs in the future if you and your partner divorce. Since you will already have an agreement you would not have to spend as much time or money on an attorney and a litigation process.
- If you or your partner have existing debt, a marital agreement can structure how that would be handled.
- You can also decide ahead of time how marital assets will be divided. If a divorce does occur, it can be a difficult time. You don’t want to make emotionally charged decisions. Rather, you can already have a comprehensive plan in place that helps both parties.
- Sometimes, one or both parties enter into a marriage with inherited money, assets, or savings. Typically in Illinois, inherited property is protected. There are some exceptions and indicating what will happen in a marital agreement will make sure your inheritance is secure.
Seeking a prenuptial agreement or postnuptial agreement can be very beneficial. They will help you and your partner discuss vital financial issues and have a solution in place in case the unforeseen happens.
The difference between prenuptial agreements and post nuptial agreements
Basically, the documents both address things related to assets, debts, property, and other financial matters. The key difference is that the prenuptial agreement is entered into before marriage and the post nuptial, after the marriage.
When the agreement is fair and equitable and is made willingly between the parties, it will be enforceable. It is important to utilize an experienced attorney to guarantee that the agreement will be adhered to. As an experienced collaborative attorney and mediator, I have the skills and knowledge to help you work together amicably with your spouse and their attorney to craft a reasonable agreement that the courts will uphold.
Contact Fletchall Group today to request a consultation
There are many reasons why you and your spouse may choose to obtain a marital agreement and there are many benefits. A well written agreement can address any concerns you may have about financial issues. It can protect assets in the case of a divorce. And it can make sure that any children from a previous marriage will retain their rights to inherit certain property.
It is important to consult an attorney to help you draw up the agreement, so that it is fully enforceable should a divorce occur. If you are considering either type of agreement, contact our office today. Phone: 312 – 803 – 6965