Understanding the Value of Postnuptial Agreements

 Posted on November 08, 2016 in Family Law

It is not at all uncommon for a couple heading toward to marriage to consider developing a prenuptial agreement to address certain financial and personal concerns in the event of divorce or the death of one spouse. These agreements can provide guidance for just one or two important issues—such as a business interest of one of the parties—or they can be used to cover a wide range of considerations that could arise down the road. Some couples, however, may not realize how helpful a prenuptial agreement can be until after they are have already gotten married. In these situations, interested couples may choose to draft and execute a postnuptial agreement designed to meet their unique needs.

Benefits of a Postnuptial Agreement

Much like a prenuptial agreement, a postnuptial agreement can solidify arrangements for a couple’s property and debts should the marriage end in a divorce. In a postnuptial agreement, certain assets may identified as exempt from the property division process, allowing them to remain the spouse who currently owns them. A postnuptial agreement can also include provisions that require one spouse to pay spousal support to the other, or, conversely, waive both spouses’ rights to request support. Just about the only issues that postnuptial cannot address are the rights of the couple’s children as arrangements for parenting responsibilities and child support cannot be made until they are made necessary by a divorce.

Postnuptial Agreements Can Reunite a Separated Couple

In some cases, a couple may use a prenuptial agreement to establish marital and family responsibilities for each spouse as they look to rekindle their relationship following a legal or informal separation. The negotiated contract can provide a new foundation for a more positive marital relationship moving forward. Ending a separation with the drafting of a postnuptial agreement may offer a renewed sense of cooperation and security for both spouses.

Hire Separate Attorneys

One of the best ways you can be sure that your postnuptial agreement will remain valid and enforceable in the future is for each spouse to work with an independent lawyer in the negotiation process. This ensures that each party’s interests are fully protected and neither spouse tries to gain an unfair advantage in creating the agreement.

If you are considering a postnuptial agreement, you need to fully understand your rights and available options. Contact an experienced DuPage County family law attorney to learn more how a postnuptial agreement could offer you and your spouse financial security and peace of mind for years to come. Call 630-352-2240 for a free consultation at Pesce Law Group, P.C., today.

Source:

http://www.huffingtonpost.com/lynn-j-maier-esq/why-a-postnuptial-agreeme_b_997219.html