How Does a Postnup Work to Protect Your Assets in Illinois?
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While getting married marks a significant relational milestone, it also signifies the beginning of a shared financial journey. Financial circumstances evolve as your life does, and when circumstances change, it can be wise to have a plan in place. For many couples, a postnuptial agreement offers the perfect solution, offering clear financial guidelines and security for both partners.
A postnuptial agreement is a legal document created after a couple has married, outlining how assets and debts should be divided in the event of a divorce or death. It can protect your assets by:
- Setting apart businesses, inheritances, and premarital property.
- Providing guidelines for financial stability during times of marital conflict.
- Clarifying what makes an agreement about assets enforceable and unenforceable.
At Reifman Law Offices, we understand the importance of protecting your future and have experience helping clients draft effective marital agreements. Here, we explain the standards for postnuptial agreements and the benefits they can offer.
What Are the Standards in Illinois for Valid Postnuptial Agreements?
In Illinois, postnuptial agreements do not have their own statute but are governed by the same legal standards as prenuptial agreements under the Illinois Uniform Premarital Agreement Act. For a postnup to be considered valid and enforceable, it must meet several key requirements:
- It must be in writing.
- It must be voluntarily signed by both spouses.
- It requires fair disclosure of assets, debts, and income before signing.
A postnup that meets these requirements serves as a legally enforceable contract that outlines financial arrangements during the marriage and in the case of a divorce.
How Do Postnups Protect Businesses, Inheritances, and Premarital Assets?
One of the primary functions of a postnuptial agreement is to distinguish between marital and non-marital (separate) property. This is especially important for protecting specific types of assets in the event of divorce or death.
Businesses and Professional Practices
If one or both spouses own a business, a postnup can specify that the business remains their separate property. This prevents it from being subject to division in a divorce, protecting its value and operations.
Inheritances and Gifts
A postnuptial agreement can ensure that any inheritance or significant gift received by one spouse during the marriage remains their separate property, shielding it from becoming part of the divisible marital estate.
Premarital Assets
Assets possessed before the marriage, like real estate or savings accounts, can sometimes become mixed with marital assets. A postnup can clearly define these premarital assets and keep them separate.
When Are Postnups Used During Marital Conflict?
Postnuptial agreements are not just for asset protection; they can also be a constructive tool for couples experiencing marital difficulties. By clarifying financial matters, a postnup can reduce a major source of stress and conflict. It can help rebuild trust by establishing transparent financial ground rules. Spouses may also use a postnup to make specific provisions for children from a previous marriage or other family members.
What Makes a Postnup Unenforceable?
An Illinois court can declare a postnuptial agreement unenforceable under certain conditions. These include:
- Involuntary Agreement: If one spouse proves they did not sign the agreement voluntarily, for example, due to fraud, duress, or coercion, the court may invalidate it.
- Lack of Fair Disclosure: The agreement can be deemed unenforceable if one party was not provided with a fair and reasonable disclosure of the other party’s financial situation.
- Unconscionability: If the agreement was extremely one-sided or unfair (unconscionable) when it was signed, a court may refuse to enforce it. The determination of unconscionability is up to the court.
Working with an attorney during the drafting of this agreement can help your final document be both legally enforceable and equitable for all parties involved.
Define Your Finances With a Marital Agreement
A postnuptial agreement can help effectively protect your assets and provide financial clarity within your marriage. By properly meeting the legal requirements, you can create a binding agreement that secures your business, inheritance, and other important property, reducing conflicts over finances and increasing trust between you and your spouse.
If you are considering a postnuptial agreement, it is crucial to seek experienced legal guidance. At Reifman Law Offices, Arkady Reifman has been helping clients with family law matters since 2003. We can help you draft an agreement that is fair, enforceable, and tailored to your needs. Contact us today for a free consultation to learn more about how we can help protect your financial future.
At Reifman Law Offices,
we will take the weight of dealing with family legal issues off of your shoulders.
Call Us 847-229-8433
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