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Prenup vs. Postnup: Should I Consider Signing One?Many have heard the word “prenup,” but “postnup” has not received nearly as much coverage. Prenuptial agreements are typically discussed in the news as wealthy celebrities tie the knot, yet many have never heard the term postnuptial agreement. In the past, prenups have been “reserved” for the rich and disregarded by the average American. The tides have turned as millennials have changed the average age for marriage. Now that newlyweds have been getting married at a later age, they often have larger savings accounts and more to lose in the instance of divorce. Prenups are a good safety net for any married couple, and postnups have begun to rise in popularity as well. Understanding the difference between the two and knowing their benefits is information that every couple should take the time to learn about before signing on the dotted line.

Is One Better Than the Other?

As is evident in the name, prenuptial agreements are completed before the marriage, while postnuptial agreements are formulated after the couple has already said, “I do.” Prenups allow marrying couples to outline their assets and properties, explaining how they would be divided in the instance of divorce. This is important for couples who have large assets as well as those who have small savings accounts. Every asset and property will be divided during a divorce, so even small savings accounts could help you get back on your feet.

Postnups allow married couples to do the same thing as prenups; however, they can sometimes be more helpful. Because prenups are signed before the marriage is official, some of the terms being outlined on the agreement can seem abstract. Because things change after you get married, postnuptial agreements can feel more realistic and concrete. Postnups allow you to divide your current assets in the case of divorce. After getting married, the life you built together will include significantly more finances and properties than you had beforehand. A postnup allows you and your spouse to divide these between the two of you however you see fit. While it may seem odd to plan your potential divorce after years of marriage, it can often soothe the mind of each spouse, knowing that the division of the life they built together could be under their control if necessary.

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Reasons For Signing a Prenuptial AgreementPrenuptial agreements are not mandatory within an Illinois marriage, but any engaged couple that has personal or business assets may want to protect what is theirs before getting married.

A prenuptial agreement is a written agreement that both you and your future spouse construct before getting married. This agreement lays out how property and assets will be divided if divorce or death were to occur. Items that can be included within a prenuptial agreement include:

  • Division of property and/or assets
  • The right to manage and control property belonging to the other spouse
  • Changes or elimination of spousal support/maintenance 
  • Establishing a will, trust, or other arrangement or obligation to carry out the prenuptial agreements terms
  • The ownership rights in and distribution of the death benefit from a life insurance policy
  • Choice of laws that will be used for creating the agreement

Signing a prenuptial agreement may be beneficial for one or more of the following reasons:

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Exploring the Reasons to Get a Postnuptial AgreementAlmost everyone has heard of a prenuptial agreement. Most of what many people know comes from movies or television shows portraying a woman marrying a wealthy man and signing a prenuptial agreement to protect his riches. Prenuptial agreements and postnuptial agreements come from the same family of legal documents and can do just about the same things. Both agreements can dictate which property is and is not marital property, how that property will be divided in the event of a divorce and the terms of spousal maintenance, among other things. The thing that differs between a prenuptial and postnuptial agreement is when the agreement is signed. A prenuptial agreement is signed before the wedding and a postnuptial agreement is signed after the wedding. Here are a couple of situations in which you may want to consider getting a postnuptial agreement:

  1. You Did Not Have Time to Sign a Prenuptial Agreement: One of the most common reasons why couples get postnuptial agreements is because they either did not or could not sign a prenuptial agreement before they were married. A postnuptial agreement is very similar to a prenuptial agreement, which is why it is a popular option for those who found the idea of a prenuptial agreement unromantic or those who did not have enough time before the wedding to create one.
  2. Circumstances Have Changed During the Marriage: There are a variety of reasons why a married couple might want to get a prenuptial agreement, most of them stemming from the fact that their circumstances may have changed during the marriage. For example, coming into an unexpected inheritance or winning a large sum of money can prompt a couple to want to reexamine their finances. Another reason could be because one spouse unexpectedly decided to take time off of work to care for and raise the couple’s children. This puts that spouse in a more vulnerable financial position and a postnuptial agreement could promise support if the spouses were to ever divorce. 

Whatever the Reason, You Need a Homewood, IL, Postnuptial Agreement Lawyer by Your Side

If you did not get a prenuptial agreement before you were married, it is not too late. You can still get a postnuptial agreement at any time after your marriage, and it can be used much like a prenuptial agreement. There are many situations in which you may want to consider getting a postnuptial agreement, which is why you should call a Will County postnuptial agreement attorney to discuss your situation. At The Foray Firm, we understand that a postnuptial agreement could be the key to a happy marriage. Call our office today at 312-702-1293 to schedule a free consultation.

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Four Things You Should Know Before Signing a Prenuptial AgreementIn the past, prenuptial agreements have been a controversial topic. It was thought that you were planning for a divorce or that you were not serious about your marriage if you got a prenuptial agreement. In recent years, prenuptial agreements have become more popular for several reasons. One such reason is that younger generations are waiting until later in life to get married. This typically means they have more assets when they are going into their marriages.

Prenuptial agreements can be extremely beneficial if you do end up getting divorced because they can outline how property will be divided or how debts will be allocated. Before getting a prenuptial agreement, there are a few things you should know:

  1. Your Agreement Must Be in a Specific Format: In order for a prenuptial agreement to be enforceable, it must be in the correct format. This means your prenuptial agreement must be a legal document in writing; oral agreements do not count as prenuptial agreements. Your agreement must also be written in clear language and signed by both you and your spouse.
  2. You Have to Be Completely Truthful: When you are creating a prenuptial agreement, you are required to be fully transparent about your finances, including revealing your assets and debts. A prenuptial agreement is invalid if one of the parties withholds important information. You may need to make note of things such as a possible future inheritance. 
  3. There are Certain Things You Cannot Put in the Agreement: Contrary to what you may have heard, you are not allowed to put whatever you want into a prenuptial agreement. There are certain stipulations you must follow when you are drafting your agreement. For example, you can put clauses in your agreement pertaining to spousal maintenance, but you are not permitted to include any requirements about child support or other legal child-centered issues.
  4. Signing the Agreement Too Close to the Wedding Can Cause Problems: If you are thinking that a prenuptial agreement may be right for you, it is good to sign the agreement sooner rather than later. If you sign the agreement only a few days before the wedding, it could be argued that neither party had sufficient enough time to fully understand the terms of the document before you agreed to them. It is recommended that you sign the agreement no later than one month before the wedding. If it is too late, you can create a postnuptial agreement instead. 

A Will County Prenuptial Agreement Attorney Can Answer Your Questions

Though it may seem completely unromantic, it would be naive to go into a marriage thinking there is an absolute zero percent possibility of getting a divorce in the future. Planning by getting a prenuptial agreement can save you a major headache if you do end up getting divorced. At The Foray Firm, we have more than 10 years of experience helping couples draft prenuptial agreements that they are happy with. Our knowledgeable Markham, IL, prenuptial agreement lawyers can ensure that your prenuptial agreement contains everything that you want it to contain and that it will hold up in court, should it be contested. Get in touch with our office today by calling us at 312-702-1293 to schedule a consultation.

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Plainfield prenup lawyer family lawPrenuptial agreements used to be a taboo subject. In the past, it was often believed that if you got a prenup, you were expecting to get divorced. However, in this day and age, many Americans are waiting longer to get married, which means that they are entering marriage with more property and debt than those in past generations. Because of this, prenuptial agreements have become more and more common. 

A prenuptial agreement can help set guidelines for how you will go about your divorce if your marriage ever ends, and it can protect the assets you bring into the marriage and prevent you from being responsible for debts your partner may have. If you are wondering whether or not a prenuptial agreement is right for you, here are a few situations in which you may want to consider a prenup:

1. You or Your Partner Were Married Before

One reason why prenuptial agreements are becoming more common is because many people are entering second or subsequent marriages. If you or your spouse have been married before, a prenuptial agreement can address any obligations you may have from your first marriage.

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