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.  

When it comes to owning a business, whether it be a startup, a franchise, a family business, or an established company, having an accurate business valuation is essential when going through an Illinois divorce. An accurate valuation can help to ensure that each of the parties within the divorce can receive fair settlements and a fair split of any debt sustained during the marriage. 

Valuation Paves the Way for Asset Division in Divorce 

Illinois is an equitable distribution state, meaning that any marital assets will be split fairly. If the business in question was started before the marriage, then it would likely be considered a non-marital asset. If the business was acquired during the marriage, then it will be considered a marital asset. However, determining ownership is rarely this straightforward. 

Spouses who can negotiate a property division agreement and avoid the courtroom can save time and money. However, they must understand what the business is worth before addressing it during property division. If the case is litigated, an accurate business apprasial will be needed to be sure that each party receives a fair share of the business. 

According to Illinois law regarding relocation with a child, divorced and unmarried parents who share parental responsibilities and parenting time may need to get court approval to relocate with their child. If a parent has most or an equal amount of parenting time and wishes to move, there are certain requirements and procedures to follow. 

When Is Court Approval Not Necessary? 

If a parent wants to relocate their child and has no interest in getting the court involved, there are a few certain situations where they will not need to:

• The parent lives in a collar county in Illinois and wishes to move less than 25 miles away

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If any debt was taken at any point within the marriage, then that is considered shared between the parties. All marital debts and assets will need to be addressed during an Illinois divorce. Typically, any debt a party incurred before the two were married is considered non-marital property and will be the party's sole debt and responsibility. However, there are exceptions to this. 

If the parties are unable to agree on how their debts should be divided, then the court will step in and decide how to divide debt. Illinois is an equitable distribution state, meaning that debts and assets will be split fairly during an Illinois divorce,

Divorcing Spouses are Encouraged to Pay Off Debt 

Many divorce lawyers encourage divorcing spouses to pay off jointly held debt. Creditors are not required to absolve someone of their debt just because they got divorced. It is possible for a spouse to be pursued for repayment of debts that the other spouse amassed months or years after the divorce. If you are getting divorced and you and your spouse share debts, you may want to consider selling assets such as the marital home to pay down these debts. 

During a divorce, an ideal situation is that both parties can negotiate and settle on terms on their own. If both parties agree on how to divide assets, parenting time, and finances, they can save time, money, and stress. Divorce mediation can be an effective tool for parties to find a resolution that works for everyone. 

During divorce mediation,  couples can use the help of a third-party mediator to facilitate communication, negotiate and resolve conflicts between them. The mediator helps the couple understand their own interests, explore options for settlement, create a mutual agreement, and prepare the necessary paperwork.

Divorce mediation is often faster and less expensive than traditional divorce proceedings. It also helps both parties avoid the stress and bitterness of a court battle.