Is a Postnuptial Agreement Right for Me and My Spouse?

 Posted on February 06, 2020 in Family Law

50 years ago, your average American probably would have raised their eyebrows in disbelief or widened their eyes in shock if you told them that you were getting a prenuptial or postnuptial agreement. For years, there was a stigma against these types of agreements as being a way to plan for a divorce instead of trying to make a marriage work. Now, most people are much more agreeable to the idea of prenuptial or postnuptial agreements. Both types of agreements allow you to set forth terms for separation if your marriage heads down the track of divorce. The only difference between these two types of agreements is when they are signed — a prenuptial agreement is signed before the marriage, while a postnuptial agreement is signed any time after the marriage has been officiated.

Reasons to Get a Postnuptial Agreement

Prenuptial and postnuptial agreements are more common than they ever have been before, even for those who are not considered upper class. There are many situations in which getting a postnuptial agreement makes sense. These can include:

• One spouse came into the marriage with significant assets, and a prenuptial agreement was not signed.

• One or both spouses have children from a previous marriage.

• One spouse has a significant amount of debt or has been financially irresponsible.

• One or both spouses own a professional practice or business.

• One spouse has received an inheritance.

Ensuring Your Agreement is Valid and Enforceable

Creating a valid postnuptial agreement includes more than just speaking with your spouse. You must ensure that your agreement is constructed in accordance with Illinois law. Here are a few requirements for a postnuptial agreement to be valid:

• The agreement must be written and filed with the court. Oral agreements are not considered valid.

• The agreement must be signed by both spouses.

• The agreement must be entered into voluntarily by both spouses. If it is found that either spouse was coerced, deceived, or forced to sign, the agreement will not be upheld.

• Full disclosure must be given about all of the spouses' income, assets, debts or any other issues included in the agreement.

Our Wheaton, IL Postnuptial Agreement Attorneys Can Help

For some couples, getting a postnuptial agreement just makes sense. If you and your spouse want to have this type of agreement in place, you should get in touch with a skilled DuPage County postnuptial agreement lawyer. At the Goostree Law Group, our team of family law attorneys have more than 80 years of combined legal experience, and we are equipped to help you with all of your legal needs. To schedule a free consultation, call our office today at 630-364-4046.

Sources:

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

https://www.investopedia.com/articles/personal-finance/062915/5-signs-you-need-postnup.asp

http://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59