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IL divorce lawyerMany people have heard of prenuptial agreements; however, few know what a postnuptial agreement is. The two are similar but have different time frames when creating them. A “prenup” is a legal document that lays out every part of your marriage and has legal guidelines in the case of divorce. In the past, prenups were reserved for those with extremely high assets, but overtime prenups have become more common. “Postnups” have also begun to rise in popularity. These legal documents are constructed after marriage rather than beforehand. To some, this may seem like a bad omen, but for many, this is reassurance for an unpredictable future.

Common Reasons People Sign a Postnup

The idea of signing an agreement after the wedding is not for everyone; however, there are many situations that warrant it. One of the primary reasons individuals sign postnups is because they did not sign a prenup in time. Prenuptial agreements must be signed three months before the wedding day to verify that both parties signed it willingly. This time sensitivity exists to avoid having wedding jitters as the motivation for the document. Waiting to sign the documents until after the wedding celebration can be a good way to ensure that a postnup is in the best interest of both parties.

Postnups can also help relieve financial stressors that may be causing issues in a marriage. High assets or a large amount of debt incurred by one spouse can quickly replace the loving emotions with those of anger and stress. Creating a postnuptial agreement can help each spouse see their assets and debts in front of them, dividing them where they see fit. Giving a spouse full responsibility for their financial habits can also be a good motivation to improve.

Questions Addressed in a Postnup

The following are common issues that are addressed within a postnuptial agreement:

  • What will you do with debts? Many couples’ biggest fear is getting bogged down by their spouse’s debt that they were never apart of. The document will label both joint and individual debt. Postnups will “assign” debt payment responsibility in the case that any is incurred.
  • How is money divided in a blended family? Most second marriages will prompt the signing of a nuptial agreement to specify “who gets what”. It can be confusing and difficult to determine how things will be divvied up with blended families. These include financial support for children from previous marriages or special needs kids.
  • What about business relations? If spouses are involved in business together, it is crucial that they have legal documentation in the case of a divorce. The postnup will address what the roles of both spouses are in the business and how the business should be divided in a divorce.

Contact a St. Charles Attorney

Being prepared for a possible future is the best way to reduce stress and truly be in the present. Formulating a prenuptial or postnuptial agreement is one way to put your mind at ease. At Shaw Family Law, our attorneys are experienced in drafting both types of agreements to ensure all possible scenarios are addressed. If you or your spouse are looking to protect yourselves against a possible difficult divorce in the future, contact our experienced Kane County postnuptial agreement attorneys at 630-584-5550 for a free consultation.

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Illinois divorce lawyerWhen a couple cannot stand to be around each other, they are often advised to file for divorce. But a divorce is not feasible in all cases. When there is a barrier to a couple divorcing, whether that barrier is their cultural or religious beliefs about marriage, their financial situation, or just their own perspective of the marriage and the prospect of ending it, legal separation can be a useful way to detach from each other without actually ending the marriage. Some legally separated couples do go on to divorce while others remain content living singly while legally separated. Still, others use their separation as a time to reflect on their marriage, repair the issues that drove them apart and find ways to be a successful couple.

Below are four common reasons why Illinois couples choose legal separation.

Your Religion Prohibits Divorce

Many religions prohibit divorce. Sometimes, individuals’ personal convictions make divorce an unattractive, or even unacceptable, option. For individuals whose religious or philosophical beliefs make divorce a taboo subject, legal separation can be a way to exit an unhealthy marriage without actually violating these beliefs.

You Are Not Sure if You are Ready for a Divorce

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b2ap3_thumbnail_asset-division.jpgRegardless of how much or how little you and your soon-to-be ex-spouse own, the division of assets in the divorce process can significantly impact your financial standing after your marriage is over. Whether you need to look out for your own well-being or you have additional family members to care for after the separation, money matters. What you and your spouse split and how you split it will be a defining factor in the overall quality of your long-term financial security.

Where Asset Division Can Get Tricky

Determining Value

Some couples make the mistake of believing that the most important factor in the division of assets is the flat dollar value. Whatever something is worth must determine its overall value and it should simply be divided evenly, right? This is not always the case. When it comes to most assets, their worth must be based on more than just their dollar value. For example, you must take into account factors such as an asset’s liquidity as well as how its sale will be affected by taxes. The long-term worth of a piece of property is just as important as its immediate worth.

Types of Property

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