Timing Matters: The Difference Between Prenuptial and Postnuptial Agreements in Chicago
As a couple heads towards wedded bliss, the last thing that they are likely thinking about is what will happen if they get a divorce. While soon-to-be-wed couples sometimes experience cold feet on the day vows are planned to be shared, it is a rare thing that fiancés are preoccupied with the terms and conditions of a prenuptial agreement. Once married, it is perhaps even more rare that a married couple in Chicago contemplates a postnuptial agreement. With babies on the way, new jobs, financial stresses, and family events, married life is often packed with other things, and whether a postnuptial agreement is a good idea is left on the backburner. However, prenuptial and postnuptial agreements can be very important tools for soon-to-be-spouses and married couples alike. Both types of contractual agreement provide certainty to individuals in the event that a marriage goes south. But what is the main difference between a prenuptial agreement and a postnuptial agreement? You likely already guessed it: timing. Here we share the basics of both types of agreements and the differences between them.
Prenuptial Agreements in Chicago
In Chicago, a prenuptial agreement, also often referred to as a “prenup”, is a contract that soon-to-be-married couples enter into before saying “I do”. A prenuptial agreement in Chicago outlines how a married couples’ assets, debts, and financial matters will be handled in the event that the couple ultimately gets divorced. Importantly, prenuptial agreements are usually entered into when the couple is in the “fiancé” stage and is planning to get married, but have not officially done so yet. A prenuptial agreement allows both parties to determine their own property rights and financial responsibilities before they are wed, in the case that the marriage breaks down in the end.
Postnuptial Agreements in Chicago
On the other hand, a postnuptial agreement in Chicago is a contract that a couple signs after they have already been legally married. A postnuptial agreement provides the same certainty about assets and finances that a prenuptial agreement does, in the case of a separation or dissolution of marriage. However, the main difference between a prenuptial agreement and a postnuptial agreement is that a prenuptial agreement is entered into before marriage, and a postnuptial agreement is entered into after the marriage has already taken place.
Prenuptial and Postnuptial Agreement Lawyer in Chicago
If you have questions about your prenuptial or postnuptial agreement or you need guidance from a lawyer about a potential prenuptial or postnuptial agreement in Chicago, the experienced postnuptial agreements and prenuptial agreements lawyers at the law firm Birnbaum Gelfman Sharma & Arnoux, LLC are here to help. The experienced Chicago prenuptial and 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 represent you. Contact the experienced and skilled Chicago prenuptial agreements and postnuptial agreements lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC today and speak to a Chicago lawyer about your rights and options.