Prenuptial agreements and postnuptial agreements are both put in place to address issues regarding property, assets, debts, and other financial issues, should you choose to divorce. The difference between the two is that a prenuptial agreement is entered into before marriage and a postnuptial, after the marriage.
In Illinois, if the agreement is made willingly between both parties and is generally fair and equitable, it will be enforced. Because the Collaborative Divorce and Mediation bring parties together to negotiate in good faith, these processes can be the most effective for crafting such an agreement.
Reasons you may want to obtain a prenuptial agreement or postnuptial agreement
Of course you are not planning on getting a divorce. And, you may never need to use the document. However, having a prenuptial agreement or postnuptial agreement can offer you some security and peace of mind. In addition, feeling secure in all aspects of your relationship can only help strengthen it. If you do need to use it, the agreement will save you the time and money you would spend to negotiate or litigate those things during the divorce process.
Prenuptial agreements and postnuptial agreements allow you to determine what will happen in regards to:
- Business that one or both of you own
- Debt and how it will be handled
- Inherited money, savings, or assets
- Money, savings, or assets that you plan on giving to your children
- How marital assets will be split
- Any financial issues stemming from a previous marriage or relationship
Discussing these issues with a Collaborative Divorce Lawyer or Mediator can help couples communicate about their financial goals and the financial baggage they may be bringing into the marriage. Because financial issues are one of the leading causes of divorce, these conversations are extremely important to build a strong foundation and have a long-lasting marriage. The prenuptial agreements and postnuptial agreements can provide clarity around the financial future of the marriage.
Are there times when the agreement is not enforced?
Collaborative Divorce and Mediation make it more likely that the to discuss prenuptial agreements and postnuptial agreements will be enforced because both parties willingly participated in the process to craft a fair and equitable agreement. However, there are circumstances in which an agreement can be found unconscionable and may be thrown out.
- If one spouse signed it against their will or was coerced
- If one spouse misrepresented themselves and their financial situation when the agreement was signed
- If the agreement is completely unfair and cannot be enforced in good conscience
A judge does have the power to disregard or change parts of the agreement, or in some cases, the whole thing. Nonetheless, these scenarios are far less likely to happen with alternative dispute resolution in Illinois. Contact me to discuss prenuptial agreements and postnuptial agreements and what a fair and equitable agreement would look like for you.
Communicating about financial issues can help you build a strong foundation for your marriage.
Prenuptial agreements and postnuptial agreements can provide clarity about the financial future of the marriage.
A Collaborative Divorce Lawyer or Mediator can help you craft a fair and equitable agreement.