Postnuptial agreements are voluntary agreements made during an existing marriage laying out financial agreements that a couple may want to establish in the case of a divorce. If the agreements are fair and agreed upon by both parties, then the postnuptial agreement will be enforced in the event of the death or divorce of a spouse. However, if the agreement is found to be unconscionable, or extremely unfair, then it could be thrown out.
A few other scenarios that may invalidate a postnuptial agreement include coercion, a spouse misrepresenting themself, or incomplete financial disclosure. If the postnuptial agreement is one-sided, the court may change certain aspects of the contract to ensure that both parties get a fair deal.
Is a Postnuptial Agreement Right For You?
There are several reasons why a couple may consider entering a postnuptial agreement. The primary role of a postnuptial agreement is to protect the spouses’ assets and ensure that assets are split relatively in the case of a divorce.
A postnuptial agreement can address issues such as:
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Inheritance - Spouses may use a postnuptial agreement to ensure that inherited assets remain non-marital property.
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Supporting stay-at-home parents -A postnuptial agreement can provide financial security to spouses whose earnings have dwindled due to being a stay-at-home parent or home caretaker.
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Protecting Business interests - With a postnuptial agreement, a spouse can categorize the business assets and liabilities as separate property. The other spouse not entitled to the business may be granted a larger share of non-business-related assets during a divorce to make up for this.
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Rebuilding Relationships - A postnuptial agreement can address financial disagreements or struggles within a marriage. Agreeing on terms of the potential of a divorce can allow spouses to work through some pending and stressful issues.
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Repaying Gifts - If the couple decides to get a divorce, there may be the concern of how and who will pay back those that might have helped the couple money-wise, such as down payments. A postnuptial agreement can guarantee reimbursement even if the marriage does not last.
Contact a Wheaton, IL, Postnuptial Agreement Attorney
If you and your spouse are considering filling out a postnuptial agreement, getting assistance from an experienced DuPage County family law attorney can help you create an enforceable contract. Contact us at Musielak & Rosinski LLC or call us at 630-407-1225 for a free consultation today.
Source:
https://www.ilga.gov/legislation/publicacts/100/100-0871.htm
