Chicago Postnuptial Agreements Lawyer
You may have heard of prenuptial agreements, so what is a postnuptial agreement and how does it work? A postnuptial agreement works just like a prenuptial agreement. The only difference is when it is drafted. A postnup is drafted during the marriage, not before it occurs, like a prenuptial agreement.
While postnuptial agreements are mostly about money, they may also contain provisions dictating marital conduct, such as chores, fidelity, and dealing with families. Sometimes they are used to get a marriage back on track, such as in cases where one spouse has been reckless with finances. But in many cases, couples may think about a postnuptial agreement when a significant asset comes into play, such as an inheritance or a business.
Postnuptial agreements are becoming more common, since more and more states are recognizing them. But do you need one? Not necessarily. A Chicago postnuptial agreements lawyer from Birnbaum Gelfman Sharma & Arnoux, LLC can assess your situation and address your concerns.
Should I Get a Postnuptial Agreement?
But the question is: should you get a postnuptial agreement? If you and your partner both have few assets, then getting one may not make sense. However, there are a few situations in which a postnup might be in your best interest:
- At least one spouse is wealthy. If one or both spouses are in the marriage with significant assets at stake, a postnuptial agreement makes sense. Because Illinois has equitable distribution laws when it comes to property division, the wealthy spouse could stand to lose a significant amount of money in a divorce. A postnuptial agreement allows the wealthy spouse to keep what’s theirs.
- There’s a business involved. If you start a business during your marriage, a postnuptial agreement can protect it. This can be highly beneficial in a divorce, since splitting a business can be time-consuming and costly.
- You have children from a previous relationship. If you die while married, your spouse could inherit everything, leaving your children with nothing. A postnup can protect your children’s inheritance.
- You plan to receive an inheritance. Inheritances are generally separate property. However, it’s easy for inheritance money to get commingled in a marriage and when this happens, the other spouse has the right to get a fair share of that inheritance money in a divorce. A postnuptial agreement can protect it and make sure it stays in your hands.
Contact Birnbaum Gelfman Sharma & Arnoux, LLC Today
A postnuptial agreement can be used for many reasons, but they’re a good way to protect what’s yours if you failed to get a prenup before you got married. It outlines who gets what and prevents nasty divorce battles.
If you’re already married, it’s not too late to get an agreement. The team at Birnbaum Gelfman Sharma & Arnoux, LLC can help you draft a postnuptial agreement that fits your needs. To schedule a consultation with a Chicago postnuptial agreements attorney, fill out the online form or call (312) 863-2800.