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Wheaton family law attorneysTalking to your partner about creating a prenuptial or postnuptial agreement may feel uncomfortable or unnecessary. However, considering that arguments about finances are one of the strongest predictors of divorce, there is clear value in openly discussing finances with your spouse and creating a mutually beneficial, legally binding document that addresses each spouse’s financial and property interests. If you chose to forgo a prenuptial agreement before getting married, it is important to know that it is not too late to secure the same benefits through a postnuptial agreement.

Reasons to Pursue a Postnup in Illinois

For many couples, the time before their marriage may seem too early in their lives and relationship to be worried about what happens to their property in the event of a divorce, especially if neither spouse has significant assets to their name. However, much can change throughout the course of the marriage when it comes to the couple’s financial situation and their outlook on life. With these changes often comes a more clear need to work together on a postnuptial agreement.

Perhaps the most common reason to establish a postnup is a large increase in marital or non-marital assets. For example, if you have acquired a business during the marriage, or if a business that you previously owned has increased substantially in value, it is often a good idea to establish in writing the financial interest that each spouse has in the business. Alternatively, if you or your spouse has been the beneficiary of an inheritance, it may be important to definitively establish its status as non-marital property. If you choose, your postnuptial agreement can address all assets belonging to the marital estate and each spouse individually. Doing so can prevent confusion, uncertainty, and conflict if you ultimately have to divide your property in a divorce.

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DuPage County family law attorneys, postnuptial agreementsMost people have heard of prenuptial agreements—legal documents that a couple draws up before the wedding regarding division of assets in the case of divorce. What many people do not know is that there are also postnuptial agreements. These are similar to prenuptial agreements except they are drafted and signed after the couple is married. Postnuptial agreements are governed by the Illinois Marriage and Dissolution of Marriage Act.

Why Would I Want a Postnuptial Agreement?

Couples have several different reasons for deciding to enter into a postnup. Some couples decide to draft a post-nup when they are going through a rocky time in their marriage and want to figure out property division beforehand to get a sense of what divorce might look like. Other couples may agree that a postnup is the way to go if one of them wants to try a new business venture. Finally, some may regret not signing a prenup and therefore choose a postnup as plan B. Whatever the reason, it is important to make sure you go into the postnup with your eyes open so that you understand the legal consequences of signing one.

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