What is a postnuptial agreement?

| Apr 14, 2017 | High-Asset Divorce |

A postnuptial agreement is similar to a prenuptial agreement except it is entered into after you are married. If you are already married in Illinois and do not know about this option to protect your assets and create a more harmonious marriage, then it is something worth learning about. According to ABC News, a postnuptial agreement can outline several things, such as the responsibility for incurred debt, the division of property in the event of a divorce and personal things, such as the responsibilities of you and your spouse within the marriage.

While this type of document can be especially helpful for high asset situations, it also is beneficial for you even if you do not own a lot of assets. For example, if you have a reason to believe that you will get an inheritance in the future, this agreement can be used to protect that. A postnuptial can also be beneficial if you own a business with your spouse.

Such a legal agreement can be used to outline many different things about your marriage and what would happen if you were to divorce. You can set up child support and custody arrangements, make rules about your marriage, such as what would happen if one of your is unfaithful, and even handle who pays which bills and handles which debts. It also offers you the chance to set guidelines for your marriage, such as who is responsible for which household chores. This information is only intended to educate and should not be interpreted as legal advice

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