Why Do Couples Sign Postnuptial Agreements?
While prenuptial agreements are commonly discussed in popular culture, it is less common to hear about postnuptial agreements. Postnuptial agreements cover similar things to prenuptial agreements, but they are entered into after the marriage has already been created. It may seem strange for couples to enter into these (usually) binding agreements after they have already been married for a period of time, but there are many valid reasons why a couple may want to draw up and sign a postnuptial agreement.
If you are thinking about a postnuptial agreement it is crucial that you talk to a knowledgeable prenuptial and postnuptial agreement attorney to make sure that the agreement you devise will be upheld by the court.
One common reason for a postnuptial agreement is for one spouse to prove to the other that he or she is committed to working on the marriage. Illinois does not take fault into account when calculating spousal support and maintenance, so forgiving the infidelity will have no effect on the outcome without a postnuptial agreement. However, a spouse who has engaged in wrongdoing, such as adultery, can prove that he or she is committed to the marriage by drawing up a postnuptial agreement with terms favorable to the other spouse.
Allocation of New Debts
One of the spouses may want to follow his or her dreams and open a business, while the other may be worried about accumulating more debt. By creating a postnuptial agreement that allocates the new debt to the spouse that wants to start the business, both parties can have their needs met. This can work no matter the reason for new debt.
The current financial circumstances of the marriage may be very different from the financial circumstances that existed when the couple first married. A postnuptial agreement can take into account the current factors and divide up property in the event of death or divorce with the knowledge of the time that has passed.
Finally, postnuptial agreements can also be an important tool if one member of the couple is expecting an inheritance. Some older relatives may require a postnuptial agreement in order to be willing to pass down certain property so they can make sure that property stays in the family and does not go to the other spouse in the event of death or divorce.
Do You Have Postnuptial Agreement Questions? Contact Our DuPage County Prenuptial and Postnuptial Agreement Attorneys Today
If you are considering a postnuptial agreement, it is important to consult with a skilled prenuptial and postnuptial agreement attorney to make sure that your agreement will be upheld by the court, and that there are not any surprises in the document. Our dedicated DuPage County prenuptial and postnuptial agreement attorneys at Davi Law Group, LLC will protect your rights and advise you on your postnuptial agreement.