Most people know the term “Prenuptial Agreement”, but many are unfamiliar with the similar Postnuptial Agreement, which is basically a prenuptial agreement except it is made after a couple is already married. These documents are valuable because they can ease the process in the case of a divorce and ensure proper division of assets. Consider these reasons for creating a postnuptial agreement:
- Significant Assets– Postnuptial agreements can include one spouse waiving their inheritance rights in the case of the death of the other spouse. If you or your spouse has significant assets that you wish to return to the biological family instead of the surviving spouse, a postnuptial agreement is the means to ensure that.
- Separation Agreements– If separation or divorce is a possibility, consider the difficulties of the legal battle that could ensue. A postnuptial agreement can be drafted similarly to a separation agreement, allowing you to cut through much of the time and cost of a divorce by having a contract in place that denotes the aftermath of the divorce in terms of custody and alimony arrangements, as well as asset division.
- Changes to a Prenuptial Agreement- If your circumstances have changed and your prenuptial agreement no longer carries the terms you and your spouse desire, you can make amends to it and have a postnuptial agreement instead. Likewise, if you had planned to have a prenuptial agreement but did not get one in place prior to marriage, a postnuptial agreement will allow for you to gain the same security and peace of mind after the wedding.
How to make Postnuptial Agreements :
- Consult an attorney. A Chicago divorce lawyer will help you understand how to draft the document and the ramifications thereof in the case of a divorce. We recommend you and your spouse both have an attorney so there is no conflict of interest. The attorneys at The Law Offices of Michael P. Doman Ltd. are experienced and ready to assist.
- Work with your spouse. In order to be valid, postnuptial agreements must be fully and fairly disclosed. You may not make these types of decisions on your own. Your spouse must work with you and agree to the terms and conditions of the agreement. You do not want your spouse to contest the terms later by claiming that he or she did not have sufficient knowledge or legal counsel on the document.
- Have it in writing. You may not use oral promises for this type of agreement. This is a legal document and must be drafted as such.
- Execute before a Notary Public. In order for this agreement to be valid, you and your spouse must personally appear before a notary public to sign the document.
Call today to schedule a consultation on your unique situation and how a postnuptial agreement would be the right fit for securing your future.