What Is the Purpose of a Postnuptial Agreement?
Many 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.