Marriage is about love, shared dreams, and building a life together. In many ways, that includes a shared financial future. However, it also brings complexity to property ownership, finances, and expectations. Many couples consider a prenuptial agreement before marriage, but sometimes life changes make a postnuptial agreement an important step to protect both spouses.
A postnuptial agreement can be a valuable estate planning and family law tool for married Chicago couples, and Illinois family law allows such agreements to provide planning for a financially stable future, prevent disputes and litigation, and clarify legal rights and obligations if circumstances change. In Illinois, your postnuptial agreement is also called a postmarital agreement.
About Stange Law Firm
Stange Law Firm has over 20 years of combined experience in family law matters. We have served many Chicago families since 2007. Our lawyers regularly practice in the Cook County Circuit Court (Richard J. Daley Center) and are familiar with all the requirements and expectations involved in creating, reviewing, and enforcing all types of family law agreements.
With a postnuptial agreement, we focus on putting together an agreement that works for your family, is legally enforceable, is fair, and protects your financial rights. It is an essential part of preserving your marriage.
What Is a Postnuptial Agreement?
Just 15% of married couples have prenuptial agreements in place, according to a 2024 Law Depot survey. Of those who don’t, 29% say they wish they had signed one. In America, between 5 and 10% of married couples currently have a postnuptial agreement.
A postnuptial agreement is a contract between spouses, entered into after marriage, to plan for the division of property, finances, or spousal support in the event of divorce or legal separation. Postnuptial agreements have many of the same elements as prenuptial agreements, but are signed after marriage to address life changes or financial matters that develop during the marriage.
These can include income changes, inheritance, business ownership, and financial planning for children. Some examples of things covered in a postnuptial agreement can include:
- Division of property
- Debts, such as mortgages and credit card debt
- Alimony
- Business ownership
Courts in Illinois generally enforce postnuptial agreements if they are entered into voluntarily and both spouses understand the terms. They must also be fair and properly executed with full financial disclosure. An experienced family law attorney is key to drafting an agreement that meets the requirements for legal bindingness and will be enforced by the court.
Situations Where a Postnuptial Agreement May Be Appropriate
There are many situations in which a postnuptial agreement makes sense for married couples. Some of these situations include:
- Changes in financial situations. If one spouse receives an inheritance, experiences a significant increase in business income, or changes careers, this can result in unequal incomes or assets that can be addressed in a postnuptial agreement.
- Starting a business. A postnuptial agreement is also important when a spouse or both spouses open a business, professional practice, or other income-generating asset. The agreement can address ownership, management, and division of the business assets in the event of divorce or legal separation.
- Protecting debts. If one spouse has a lot of debt, including student loans, medical bills, or credit card debt, a postnuptial agreement can protect the other spouse from being liable for this debt and set out responsibilities for debt repayment.
- Blended families. Second and subsequent marriages may have children from previous relationships. Parents may want to use postnuptial agreements to protect inheritance rights, ensure that children receive specific assets, or manage blended-family finances.
- Marital tension. Even a healthy marriage may have some disagreements about finances. If there is marital strain, a postnuptial agreement can help spouses reach an agreement on financial issues, including debt, spousal support, and property ownership.
In these situations, a family law attorney can help you fight for your rights and formulate a fair agreement.
Benefits of a Postnuptial Agreement
A postnuptial agreement can provide numerous benefits for couples. It can reduce conflict by eliminating arguments over property, debt, or spousal support in the event of a divorce, bringing clarity and less stress. A postnuptial agreement ensures that each spouse’s personal assets are protected, from business investments through to separate property initially brought to the marriage.
Postnuptials clarify financial responsibilities, clearly outlining who contributes to household expenses, debt repayment, and shared investments. They also facilitate estate planning, ensuring property is distributed according to both spouses’ wishes. Legally and emotionally, having a postnuptial agreement can strengthen a marriage by promoting transparency and reducing uncertainty about finances, one of the most common sources of marital tension.
FAQs
Q: How Does a Postnuptial Agreement Differ From a Prenuptial Agreement?
A: A prenuptial agreement is signed before marriage, while a postnuptial agreement is created after marriage. Postnuptial agreements can address financial changes that occur during marriage, such as inheritances, new business ventures, or shifts in income levels. Prenups typically cover assets one person had prior to the marriage, or hypothetical future financial situations.
Q: When Should a Couple Consider a Postnuptial Agreement?
A: If there has been a major change in finances after getting married, recently starting a business together, taking on a large amount of debt, having or blending a family, or even recently inheriting money or other assets, a postnuptial agreement might be appropriate. A postnuptial agreement can also assist spouses in second marriages in spelling out financial responsibilities and protecting both spouses.
Q: Are Postnuptial Agreements Enforceable in Illinois?
A: Yes, Illinois courts will enforce postnuptial agreements if the agreements are voluntary, fair, written, and executed with the full disclosure of all assets and liabilities. Each spouse should be given an opportunity to seek independent legal advice to reduce the likelihood that the agreement will be challenged in court. An experienced lawyer can help spouses navigate this.
Q: Can a Postnuptial Agreement Have Clauses Regarding Children?
A: Postnuptial agreements may deal with finances but not with custody of children or child support. In Illinois, the law states that any agreement regarding custody or support must serve the child’s best interests. The court will still have jurisdiction over custody and support, regardless of what the marriage contract states.
Contact Stange Law Firm
Stange Law Firm can assist you if you need help formulating a fair postnuptial agreement. Contact us today to get started