California Woman Headed into Divorce with Postnuptial Agreement Asks What Will Happen to Properties During Divorce

Aside from issues involving children and child custody and spousal maintenance (or alimony), one of the most controversial issues in most Chicago divorces is the issue of the division of property. Which soon-to-be ex-spouse will keep the marital home, any rental or other investment properties, automobiles, and other property assets are issues that are often hotly contested and hard-fought in Chicago divorce cases.

This week, a California woman wrote into MarketWatch for financial – and marital – advice about her postnuptial agreement. “Concerned Wife & Mother” wrote to MarketWatch’s advice columnist, Quentin Fottrell, facing a pending divorce and potential division of several properties. “Concerned Wife & Mother” explained that she had been married to her husband for over 20 years and the marriage was soon to end in divorce. The couple had previously separated for over a year, and after getting back together, they entered into a postnuptial agreement. The postnuptial agreement, according to “Concerned Wife & Mother” states that “The spouses agree to abide by this agreement that any future property acquired shall be characterized as separate property of the spouse on the debt associated with that property. This waiver is effective whether the parties’ marriage is terminated by death or by court order.” “Concerned Wife & Mother” further explained that there were several properties acquired during the marriage: a home designated in the postnuptial agreement as belonging to the couple’s three children, a home that was purchased in her name only, and land for which both spouse’s names are on the deed. “Concerned Wife & Mother” asked, “Will the court uphold the two houses as separate properties, as stated in the postnuptial agreement?”

Upholding Postnuptial Agreements in a Pending Divorce

In response to “Concerned Wife & Mother’s” inquiry, advice columnist Quentin Fottrell began with an explanation of what a postnuptial agreement really entails: “A postnuptial agreement is contract, signed by both parties, that outlines what happens to a property if a married couple divorces….” That is to say that for divorce cases in California, “What would normally be deemed as community property in California – anything purchased during the marriage – can be categorized as separate property through such an agreement.” However, ultimately, when it comes to “Concerned Wife & Mother’s” question, like most legal questions, the answer may not be so simple. Fottrell went on to elaborate that, “Whether your postnup is valid or not will depend on whether all the legal prerequisites have been met under the laws of California.” In sum, in Chicago, just like in California, prenuptial agreements may bring certainty and clarity to issues, such as property distribution, but the agreement must be legally enforceable, just like any other contract.

Legal Help with Postnuptial Agreements in Chicago

If you are in Chicago and you need legal assistance with your postnuptial agreement, contact the experienced Chicago postnuptial agreements lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC. The experienced Chicago postnuptial agreements lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC offer a confidential consultation to learn about your case and to see if they can help you. Contact Birnbaum Gelfman Sharma & Arnoux, LLC and speak to a lawyer about your case today.

Source:

marketwatch.com/story/my-husband-and-i-signed-a-postnuptial-agreement-i-bought-two-houses-during-our-marriage-will-i-be-able-to-keep-them-now-were-headed-for-divorce-1983f2a7