Prenuptial and Postnuptial Agreements
A pre-nuptial agreement is a contract between people who plan to get married outlining what each spouse will receive if the marriage results in a divorce. Physical assets such as homes, vehicles, and boats, as well as sources of income, bank accounts, business ownership, etc. can all be included in a pre-nuptial agreement.What is a Postnuptial Agreement?
A post-nuptial agreement is virtually identical to the pre-nuptial agreement; the only difference is that a post-nuptial agreement is entered into after the marriage has been formalized.Why Are Pre- or Post-Nuptial Agreements Advisable?
If a couple loves each other enough to get married, they are likely not anticipating getting a divorce, so why get a pre- or post-nuptial agreement? The reasons are actually several; a pre- or post-marital agreement might be beneficial for spouses who:
- Have significant assets that they would like to preserve in case of dissolution.
- Have children from a prior marriage whom they would like to set aside monies for.
- Are involved in a risky business venture and do not want to include their spouse in that risk.
- May have a large inheritance on the horizon.
Whatever the case, entering into a marital agreement can save time and money if the marriage ends in a divorce. Moreover, it allows both spouses to have settled expectations about what assets they truly control.
Keep in mind that while many things can be included in an agreement between spouses (or soon-to-be spouses), child support and child custody are generally not matters that a couple can contract around. In addition, if the couple decides to include spousal maintenance in the agreement, a court must ensure that the clause in not unconscionable before the clause will have legal effect.Are You Considering Obtaining a Prenuptial or Postnuptial Agreement?
If you are in need of a pre-marital or post-marital agreement in Cook, Lake, DuPage, or Will County, you should contact one of the experienced Chicago divorce attorneys at the law firm of The Taradash Group, P.C.. Our skilled and dedicated lawyers make the interests of our clients our highest priority. Whether it be drafting a postnuptial agreement before divorce papers are signed or creating a prenuptial agreement shortly after engagement, The Taradash Group, P.C. is available for all your Illinois family and divorce law needs. Contact us online, or call (312) 775-1020 today to schedule a free initial consultation.