When Is a Postnup a Good Idea?

 Posted on April 16, 2024 in Property Division

A prenuptial agreement is a document signed by two people about to enter into a marriage that explains what will happen to their assets if they end up getting a divorce at some point in the future. It takes a lot of doubt out of the equation and can give both people the peace of mind that comes with knowing there are guidelines to follow if something they hope does not happen ends up happening. Some people think of it as a safety net for “just in case.” However, a lot of engaged couples would prefer not to think about the possibility that they may end up divorced, and so they decide not to sign a prenup. If later in the marriage they come to regret that decision, they have the option of signing a postnuptial agreement. Speak with a qualified Cook County, IL postnuptial agreement lawyer to find out more about what is involved.

Content of a Postnup

A postnuptial agreement is very similar to a prenuptial agreement, the major difference being that it is signed by two married spouses rather than by an engaged couple. It details each person’s financial responsibilities as well as which things would be considered marital assets - subject to a division of assets in a hypothetical divorce - and which would not. Aspects of a postnuptial agreement include:

• Details about any inheritance either spouse has been left with. This will remain the sole property of that spouse and will not be divided in divorce.
• A list of non-marital assets. These assets, which the spouses already had when they entered the marriage, will not be divided in divorce.
• A list of which expenses each spouse will cover. This will set expectations for how each spouse will contribute to shared savings, expenses, and other financial conduct. If their circumstances change - if one loses their job or gets a promotion and a significant raise - this can be modified.
• An explanation of a potential alimony arrangement the couple expects to be reasonable if they get divorced in the future. Similar to the marital expenses, this section can be amended if circumstances change.

While a postnup is generally a good idea for any couple that has not signed a prenup, it is especially recommended when one spouse has significantly more valuable assets than the other, earns a much higher income than the other, came into the marriage with significant debt, or owns a profitable business.

Schedule a Free Consultation with a Chicago, IL Postnuptial Agreement Lawyer

If you are married and regret that you never signed a prenup, a knowledgeable Cook County, IL postnuptial agreement attorney can review your finances and advise on whether a postnuptial agreement would be a good step for you. At The Law Office of George J. Skuros, we are committed to giving our clients the peace of mind that comes with protecting their rights and interests. Call 312-884-1222 to schedule a free consultation.