Prenuptial & Postnuptial Agreements
No one enters into a marriage thinking it will end in divorce.
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.