If you have gotten married only to find out your financial situation is more complicated or lacks stability and protection, you are not alone. Many people do not fully understand what their new finances and property ownership look like until after they enter into a marriage. When people find themselves in this position, they may wish to draft a postnuptial agreement with the help of a skilled postnuptial agreement attorney. These agreements can put a couple’s mind at ease and clarify the couple’s financial situation.
What Is a Postnup?
A postnuptial agreement, or postnup, is essentially prenuptial agreement that is entered into after a couple is married. Prenups are entered into before the couple is married.
Both agreements contemplate how assets would be divided in the event of a divorce, who owns specific assets during the marriage, and who is responsible for certain or general debts. Both agreements will make the divorce process go smoother, in the event of a divorce.
A postnuptial agreement is a legally binding contract. Both sides must agree to it. One spouse cannot sign one now and enforce it years down the road. Because it is binding if signed by both spouses, neither spouse will be able to back out of it later.
When Should a Postnup Be Considered?
People opt for postnuptial agreements in many different situations, including:
- If one spouse is about to undertake a risky business venture;
- If one spouse stays home to raise children; or
- If one spouse has children from a previous relationship and he or she wants to be sure are they will be provided for in the future.
Contact a Glen Ellyn, IL Postnup Attorney
A postnuptial agreement is a legal document that should be drafted by a skilled family law attorney. There are many details and decisions that must be made in drafting a postnup that only an attorney will be able to fully understand and explain to a client. Certain phrases must be used and certain topics or clauses must be avoided.
Each spouse should have the postnup reviewed by his or her attorney. Spouses typically require separate representation. This is required so that a court will be convinced that each spouse understood the agreement when it was entered into and that there were no conflicts of interest.
If you are considering in entering into a postnuptial agreement, contact an experienced DuPage County family law attorney at Mulyk Laho Law, LLC for a free consultation.