Many people are familiar with a prenuptial agreement as a way for couples entering marriage to keep certain assets separate. A postnuptial agreement is less well known, but if a married couple did not sign a prenuptial agreement, a postnuptial agreement could be an option to protect significant premarital wealth or business venture, or to protect one spouse from the other’s debt. It can be created at any time after the start of the marriage, in both good times and in bad. A postnuptial agreement should be something you mutually agree on. Like a prenuptial agreement, it is best to work with an attorney before signing any postnuptial agreement.
What Is Protected in an Illinois Postnuptial Agreement?
Postnuptial agreements can define each spouse’s financial rights and responsibilties, including property ownership, financial responsibilities, spousal maintenance obligations, and life insurance considerations. A postnuptial agreement may be useful if one spouse begins a new business venture during marriage and wants to insulate the other from any business debt incurred or doesn’t want to put the couple’s marital assets at risk if the business were to fail. It can also be used by couples who are not ready to divorce but want to safeguard certain assets; usually ones they individually brought into the marriage.
A postnuptial agreement does not cover child custody and child support. This includes children brought into the marriage by one or both spouses. Arrangements for custody and child support are only decided during the divorce process.
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