Why Is a Prenuptial or Postnuptial Agreement Important?

 Posted on March 26, 2019 in Family Law

Every year, thousands of American couples file for divorce. Ending your marriage can be one of the most emotionally trying times in your life, but sometimes a divorce can come with more than just emotional challenges. In the aftermath of a divorce, many people are left with a complete lack of financial security. In order to avoid this, you may wish to enter into a prenuptial or postnuptial agreement that will ensure that your financial future will be intact, no matter what happens in your marriage. When preparing to secure the financial well-being of you and your family, it would be very wise to meet with a skilled family law attorney regarding a prenup or postnup. 

What a Prenuptial or Postnuptial Agreement Could Mean For You 

A prenuptial agreement is a private agreement made between a couple prior to their marriage. The agreement will explicitly define the manner in which the couple’s assets will be divided in the event of a divorce, and it may address other issues, such as spousal maintenance. Here in the state of Illinois, prenuptial agreements are defined under the Illinois Uniform Premarital Agreement Act. According to Illinois state law, a prenup is only valid after both parties have signed and consented to the terms of the agreement. 

A postnuptial agreement is a comparable document that is entered into after a couple has married. Sometimes, spouses may elect to use a postnuptial agreement because of the sensitive nature of discussing financial matters, and the possibility of divorce, prior to getting married. 

When a Marital Agreement Is Necessary 

A prenuptial or postnuptial agreement can be a great idea for any couple. The finalization of an agreement can limit the costs of divorce litigation, and it can help protect the financial future of both parties. In some cases, an agreement of this nature is an absolute necessity. For example, if one spouse comes into the marriage with a significantly larger amount of assets, it would be wise for that spouse to consider a prenuptial agreement. Similarly, if a spouse enters into the marriage with children from a previous relationship, a prenup can guarantee that those children will have the financial support they need. If you have any questions regarding a prenuptial or postnuptial agreement, we would be happy to discuss your options. 

Contact an Oak Park Family Law Attorney 

At the Law Office of Vincent C. Machroli, P.C., we fully understand how difficult a financial conversation between spouses can be. Regardless of the emotions that these conversations involve, the creation of a prenuptial or postnuptial agreement could be one of the most important decisions of your life. We are here to help guide you through the process of creating an agreement that will meet your needs. To schedule a no-charge consultation with a knowledgeable Hillside, IL prenuptial agreement lawyer who has over 31 years of experience, contact our office today at 708-749-7400.  

Sources:

https://www.forbes.com/sites/heatherlocus/2018/09/23/why-prenuptial-and-postnuptial-agreements-lead-to-stronger-marriages-and-prevent-disastrous-divorces/#7f4a22676488