Prenuptial & Postnuptial Agreements
When a couple intends to marry, setting up a prenuptial agreement is a practical measure that helps avoid misunderstandings that could later lead to marital problems.
A prenuptial agreement determines how assets, debts, finances and property will be managed during a marriage. Partners often bring to the marriage different financial circumstances. One could have substantial assets or debts, which could become a concern later in the marriage.
While commonly used to settle financial matters, prenuptial agreements also can establish how the couple will deal with prior commitments and obligations, such as children from previous marriages and ex-spouses. In addition, a prenuptial agreement can address issues regarding careers, lifestyles and locations of residence.
In the event of separation, divorce or death, a prenuptial agreement takes precedence over state laws governing divorce, marital property and probate in defining how assets will be divided among the spouse, children and other family members. Properly drafted prenuptial agreements are recognized as valid legal documents and upheld in all states as well as the District of Columbia.
A postnuptial agreement is a voluntary contract entered into by a couple after marriage when circumstances change, such as an inheritance, a career change, investment fluctuations or a business sale, or when marital strife results in disagreements regarding assets, debts, finances, responsibilities, future plans or children. Drafting a postnuptial agreement sometimes restores equilibrium to a marriage that is experiencing difficulty.
While not all states recognize postnuptial agreements as valid legal documents, Illinois upholds postnuptial agreements drafted in accordance with the law. Full disclosure of assets, voluntary participation in the agreement and fairness are some aspects the court will look for in determining the validity of a postnuptial agreement.
Kathryn L. Harry & Associates has expertise in drafting sound prenuptial and postnuptial agreements. Our attorneys will tailor the agreement to serve your needs and ensure that it is enforceable in a court of law. To arrange a consultation to discuss the preparation of a prenuptial or postnuptial agreement, please call (877) 889-4515.