Prenuptial & Postnuptial Agreements

Simply put, prenuptial and postnuptial agreements are contracts between a couple which give them the ability to predetermine what will happen to their assets and liabilities in the event of a divorce.

A prenuptial agreement is entered into before the marriage and a postnuptial agreement is entered into after the marriage.

Common reasons couples consider doing a prenuptial or postnuptial agreement are:

• One party is entering into a second marriage and he or she has children from a first marriage.
• You have the ability to made decisions about the disposition of assets now, while emotions are less charged than they may be during a divorce.
• If a business is involved, you can plan for how the business will be treated in a divorce.
• If one party has a significant inheritance, the agreement can govern how such inheritance will be treated in the event of divorce. Under Illinois divorce law, inheritance is generally the recipient’s non-marital property, but a myriad of factors, including potential commingling and transmutation of inherited property can be dealt with in an agreement.

It is critical to make sure you have a qualified attorney assisting the with preparation of a prenuptial or postnuptial agreement as these agreements are generally binding and you must understand what you are signing and how it affects your future.