What Can We Do if We Want a Prenup and Are Already Married? 

 Posted on September 20, 2021 in Family Law

In the rush and excitement of planning for a wedding, many couples overlook the importance of a prenuptial agreement. But after the wedding is over and they settle into real life as a married couple, they may want to create a shared arrangement regarding their finances. 

In many ways, postnuptial agreements are similar to prenuptial agreements. They can address how a couple will deal with day-to-day finances, work together towards retirement, and how they will allocate separate and marital property in the event of a divorce. Although prenuptial and postnuptial agreements may not seem romantic, they are actually a great way loving spouses can protect each other - whether they stay together or separate. 

Who Can Benefit From a Postnuptial Agreement? 

One common misconception about marital agreements is that they are only beneficial to older spouses, those who already have substantial financial resources, or those who share children from previous marriages. Although it is true that a prenup or postnup can be valuable to people in those circumstances, a postnuptial agreement can be equally valuable to a young couple just beginning their journey together in life. 

This is because postnuptial agreements can stipulate arrangements for a couple’s finances while they are together - not just if they get divorced. For example, if one spouse is going to give up a career in order to care for children and the shared home, a postnuptial agreement can stipulate that a certain portion of the couple’s finances will go towards a shared retirement or savings account that the homemaker spouse may equally benefit from. 

Likewise, a couple who has been married for many years may decide that they want to have a more formal agreement about how to treat their assets and income moving forward. This could be done in order to increase fairness regarding who owns or pays for certain assets or to address changing financial priorities. A postnuptial agreement can be written at any time during a marriage. 

What Cannot Be Included in a Postnuptial Agreement? 

Postnuptial agreements are meant to address property and asset issues, including debt and even spousal support in the event of a divorce. However, they cannot address parental responsibilities, parenting time, child support, or other issues related to the children. These issues can only be agreed upon by parents or decided by an Illinois judge during a divorce. 

Contact a Cook County Postnuptial Agreement Attorney

Even if you are already married, it is not too late to create a marital agreement that addresses your unique needs and concerns. An Arlington Heights family law attorney with A. Traub & Associates can help you and your spouse draft a postnuptial agreement that reflects your commitment to protecting each other financially, both now and in the future. Contact our offices today at 847-749-4182 to schedule a confidential consultation. 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59