Property Issues to Address in an Illinois Prenup or Postnup

 Posted on May 17, 2021 in Family Law

If you and your partner are ready to commit to a life together in marriage, it is crucial that you can trust each other to make responsible financial decisions and respect each other’s property and financial goals. Similarly, if you are already married and your financial situation has recently changed, it is important to determine how you and your spouse will adapt to this new reality. A prenuptial or postnuptial agreement can often help to address these issues. When considering whether an agreement of this nature is the right choice, you should be aware of some of the property concerns that it can help you manage.

What Can an Illinois Prenuptial Agreement Do?

Provided that you and your spouse can agree to the terms, a prenup or postnup can help you do all of the following:

• Define non-marital property - One of the most common reasons for creating a prenup is to protect the property that each spouse brings to the marriage. For example, a prenup can clearly define the amount of each spouse’s premarital retirement contributions, or ensure that a business or home remains the separate property of one spouse. A postnup can accomplish a similar purpose during the marriage, perhaps if a spouse wants to protect a newly acquired inheritance.

• Govern property use - A prenup or postnup can also determine how and when spouses are able to use marital and non-marital property. For example, the agreement could specify that one spouse is responsible for managing bills, investments, or savings, or that both spouses must consent to certain kinds of purchases or other major financial decisions.

• Plan for the future division of property - A prenup or postnup can include an agreement regarding how marital assets and debts should be divided if you and your spouse decide to get a divorce. Though this may be a difficult subject to discuss, it can save you from stress and uncertainty in the future and give you more control over the divorce process.

• Protect property for your children - If you have children from another relationship, your prenup or postnup can ensure that some of your assets remain separate property for the purposes of passing along to them through a will or trust after your death.

Contact a Joliet, IL Prenuptial Agreement Attorney

At The Foray Firm, our Will County family law attorneys can help you understand the potential benefits of a prenup or postnup for your personal situation. If you decide that you do want to create an agreement, we can help you protect your property interests and make sure that it meets your needs. Contact us today at 312-702-1293 for a consultation with a knowledgeable and experienced family lawyer.

Source:

https://www.ilga.gov/legislation/ILCS/ilcs3.asp?ActID=2087&ChapterID=59