Postnuptial Agreement Lawyer Chicago, IL
A post-nuptial agreement may also be referred to as a post-marital agreement. Whereas a prenuptial agreement is created before a marriage commences, a post-nuptial agreement specifies terms for dividing assets, income, debt, and property should a couple divorce or legally separate. This documentation can also be used to modify the terms of an existing prenuptial agreement. For maximum effectiveness, and to ensure that a post-nuptial agreement will be legally enforceable in the event of litigation, please consider allowing a Chicago, Illinois post-nuptial agreement lawyer to draft it on your behalf rather than attempting to draft it on your own.
A Valid Postnuptial Agreement Is Legally Binding
Working with an experienced Chicago, IL post-nuptial agreement lawyer is important, as professionals experienced in this area of law know how to both create and enforce such agreements effectively. They are often able to anticipate potential tensions and prevent them from occurring through careful attention to the process. When couples attempt to create this kind of document on their own, they may run into problems that can lead to unnecessary stressors later on. In general, each spouse should retain the services of their own attorney in order to ensure that their post-nup is fair and enforceable.
Post-nuptial Agreements Compared to Prenuptial Agreements
After a review of your particular circumstances, an experienced Chicago, IL post-nuptial agreement lawyer will be able to tell you what terms might be helpful in your situation. If you have been exposed to the process of creating a prenuptial agreement, you will be familiar with the ways in which post-nuptial agreements are drafted. However, there are some distinctions between the two. Here are some general tips to keep in mind:
- A prenuptial agreement is entered into before a marriage commences.
- A post-nuptial agreement is entered into during a marriage, either in anticipation of a divorce or simply because circumstances have changed. A Chicago, IL post-nuptial agreement lawyer can help you in either event.
- A post-nuptial agreement is often created when there have been substantial changes in the financial health of either or both spouses, or significant life events have occurred. This might include a new job, a new house, the purchase of potentially valuable stocks and bonds, the birth of a child, etc.
- A post-nuptial agreement is often used to amend a previous prenuptial agreement in the wake of life changes or provisions that were missed in the prenuptial agreement.
To learn more, please consider scheduling a consultation with Hurst, Robin & Kay, LLC today. Our firm has extensive experience drafting and enforcing post-nuptial agreements and we would be happy to answer any questions you may have about this process. We look forward to taking your call.
Why Do I Need a Postnuptial Agreement?
Marriage can be complicated, but a postnuptial agreement lawyer in Chicago, Illinois can help you establish some important guidelines to make marital bliss a little bit easier.
It shouldn’t be a surprise that marriage means a lot of moving parts: After all, you and your spouse have complicated lives, and no two people are completely alike – no matter how compatible you may be. You or your spouse might own a business, and there may be kids from a previous relationship thrown into the mix. And of course, wealth has a tendency to complicate things in its own charming way.
More and more people are getting postnups for exactly this reason. While postnuptial agreements were somewhat rare before the 1970s, with the rise of no-fault divorces they became more common and enforceable. If you’ve considered a postnuptial agreement, it doesn’t necessarily mean marriage problems are on the horizon – it just means you and your spouse are taking steps to keep things simple.
There are many different reasons you might want to get a postnuptial agreement, ranging from asset protection (if you suspect a divorce might be coming) to just keeping your own businesses and professional lives separate. A postnup agreement can establish important guidelines to keep your marriage stable through many ups and downs, and it can keep your marriage from affecting the rest of your life (and vice-versa).
A postnuptial agreement isn’t a cut-and-dry legal document, however. There are certain requirements that you need to satisfy to ensure your postnup is legally binding, and by working with a postnuptial agreement lawyer in Chicago, IL, you and your spouse can draft an enforceable postnup that keeps everyone happy. Read on to learn more about the requirements:
Postnuptial Rules: What Makes a Valid Postnuptial Agreement?
First thing’s first: A postnuptial agreement needs to be written. No handshake deals or verbal agreements. When you write up your postnup, you can include all the provisions you want – not just for the division of assets, but also for the division of chores, how often your extended family can visit, and any other guidelines you might want to include.
A postnuptial agreement also needs to be totally voluntary. You can’t have any hint of reluctance or coercion involved, otherwise it’ll void your postnuptial agreement and make the entire document useless. It can be difficult to ensure both you and your spouse agree to the postnup, but a lawyer can help you cover your bases to keep the agreement totally voluntary.
Postnuptial agreements need to include a disclosure of assets. This means you can’t hide assets from your spouse, and your spouse can’t hide assets from you. This keeps everything on the table so you’re both fully aware of what’s on the chopping block should you decide to part ways.
Of course, a postnuptial agreement needs to be fair. This is largely up to the court to decide, but a lawyer can help you keep things even between you and your spouse. If a postnup seems completely one-sided, odds are it’ll be thrown out.
Finally, your postnuptial agreement needs to be validly executed. This varies from state to state, but it generally includes a signature from both parties. Postnups typically need to be notarized as well. Depending on your location, you might need to have witnesses as well. It’s important to familiarize yourself with your local laws and regulations regarding postnups so it remains legally binding.
A postnuptial agreement means lots of questions from yourself and your spouse, but the right lawyer can help you navigate the legal hoops. Reach out to Hurst, Robin & Kay, LLC, and see how a postnuptial agreement lawyer in Chicago, IL can help you simplify your marriage.