What Decisions Can a Couple Make in a Postnuptial Agreement?

 Posted on July 29, 2024 in Main

During a couple’s marriage, financial decisions and planning can play a significant role in maintaining a harmonious relationship. When planning for the future, it can be beneficial for spouses to consider what might happen if their marriage were to end. Since a potential divorce could completely upend a family’s financial situation, making decisions about how various issues will be handled ahead of time can provide both spouses with assurance that they will be able to meet their needs.

A postnuptial agreement can be a valuable tool, since it can allow spouses to clearly define their financial rights and responsibilities. It can also determine how various matters will be handled if the couple chooses to get divorced or legally separated. A couple can create a postnuptial agreement at any time after they get married, and an experienced attorney can help draft and negotiate terms that will help protect the needs of their client.

Benefits of a Postnuptial Agreement

Establishing a postnuptial agreement can provide several benefits for spouses:

• Clarity and certainty: The agreement can provide understanding about financial matters, reducing the likelihood of disputes and misunderstandings.
• Protection of assets: A couple can take steps to protect their individual assets and ensure a fair division of property and debts.
• Preservation of relationships: By addressing financial issues proactively, couples can focus on nurturing their relationship without the stress of financial uncertainty.
• Flexibility: A postnuptial agreement can be tailored to meet the specific needs of a couple, providing a personalized approach to financial planning.

Financial Issues Addressed in a Postnuptial Agreement

A postnuptial agreement can cover a wide range of financial matters, including:

• Division of property and assets: The agreement can specify how property acquired during a couple’s marriage will be divided in the event of a divorce. Couples can make decisions about which spouse will retain ownership of specific assets, such as homes, vehicles, and other valuable property.
• Debt responsibility: Couples can determine how existing and future debts will be managed and who will be responsible for paying them. The agreement can protect one spouse from being held liable for the other's debts.
• Business interests: For couples who own businesses either together or separately, a postnuptial agreement can outline each spouse's interest in a business and what will happen to the business in case of a divorce. It can also define the roles and responsibilities of each spouse within the business.
• Financial support: A postnuptial agreement can specify whether one spouse will provide spousal support (alimony) to the other in case of a divorce, including the amount and duration of support.
• Inheritance Rights: Couples can use a postnuptial agreement to specify how certain assets will be distributed upon the death of one spouse.

What a Postnuptial Agreement Cannot Address

While a postnuptial agreement is a powerful tool for financial planning, there are certain matters it cannot address, particularly those related to children:

• Child custody: Decisions about sharing responsibility for children or the amount of parenting time children will spend with each parent following a separation or divorce cannot be predetermined in a postnuptial agreement. Courts prioritize the best interests of children in family law cases, and custody decisions will be made based on a family’s current circumstances at the time of divorce or separation.
• Child support: Similarly, a parent’s obligations to provide for their children’s financial needs cannot be waived or modified through a postnuptial agreement. Courts will determine the appropriate amount of support based on the child's needs and parents' financial situations.

Contact Our Wheaton, IL Postnuptial Attorneys

When making decisions about financial responsibilities and how various issues will be handled in a potential divorce, it is crucial for a couple to work with a knowledgeable DuPage County postnuptial agreement lawyer. At Mirabella, Kincaid, Frederick & Mirabella, LLC., we can provide the guidance needed to create a comprehensive, enforceable postnuptial agreement. Contact our firm to schedule an initial attorney meeting and get the legal representation you need at 630-665-7300 to protect your financial future.