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What Issues Can Be Addressed in an Illinois Postnuptial Agreement?

Posted on in Family Law

Kane County family law attorneysEntering into marriage is typically considered a lifelong commitment. However, not all couples stay together “‘til death do us part.” Statistics show that between 40 and 50 percent of all U.S. marriages end in divorce. That is why some partners decide to do a civil union instead of getting married. In either situation, there are two legally binding options to protect their interests. A prenuptial agreement is a legal document that specifies ahead of time how certain marital issues will be resolved in case the couple decides to part ways. A postnuptial agreement can address the same issues, but it is created after the wedding takes place. For those who may have not preplanned, a postnup can give them peace of mind in case of a breakup.  

Reasons for Creating a Postnup

There may be various reasons why a couple wishes to make a postnuptial agreement. They may want to document their wishes so they are known in case something happens to either of them. Three major factors that could lead to the creation of a postnup may be because a couple:

  • Did not have time before the wedding to create a prenuptial agreement
  • Are estranged but willing to work on the marriage
  • Want to change/amend an existing prenuptial agreement

Items You Can Include in a Postnup

Postnuptial agreements are governed by the Illinois Marriage and Dissolution of Marriage Act in Illinois. Pre- and postnuptial agreements aim to preserve existing marriages by eliminating potential disputes, but they also protect each spouse’s best interest in the event of a divorce or separation. A few of the main topics that are covered in a postnuptial agreement include but are not limited to:

  • Property and asset division: How marital property and savings or other assets are divided
  • Debt division: Who will pay off money owed, such as credit cards or vehicle loans
  • Spousal support payment amount (alimony): How much the higher-earning spouse will pay the lesser-earning spouse
  • Business ownership: Which spouse will take ownership of a family-owned company
  • Retirement plans: How retirement accounts such as 401k or IRA will be distributed 
  • Child’s education: How much each parent will contribute to the child’s private high school or college tuition

Contact a Geneva Family Law Attorney

Deciding to get married is a major decision that many couples do not take lightly. Although they may not draft a prenuptial agreement, they can still draft a similar legal document after the wedding that outlines who gets what in the event of a divorce. The Law Offices of Benedict Schwarz, II PC has more than 50 years of combined experience in family law matters. Our competent St. Charles postnuptial agreement lawyers will help you protect your best interests in your marriage and plan for the future. Call us today at 630-200-4882 to schedule your free consultation.

 

Sources:

http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=100-0871

http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=100-0422

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