Money is a key factor in every Illinois marriage. While couples approaching the altar often want to just focus on their relationship, the reality is that money will affect that relationship. One of the most common arguments that married couples have is over financial matters. The argument can be over how much money is made, who is earning what percentage of it, how it is spent, and how much is invested and saved. Correspondingly, premarital contracts have become an important element of family law. The contracts can address all those issues, making money management much more concrete and definite.
When a couple writes and signs one before the wedding, they have the comfort of knowing that they are on the same page with regards to money issues. That takes away reasons to argue, and so allows them to focus on their relationships. Because of that, premarital contracts, or prenuptials, are now popular at all income levels. Recently, advisers have been recommending that couples also sign post-nuptial agreements.
Post-nuptials look a lot like prenuptials, in that they address financial matters within the marriage. Like prenuptials, they also affect the division of assets if the couple gets divorced. The difference is that they are signed after the marriage.
Post-nuptials are recommended particularly for wives who leave their careers to be stay-at-home parents. When they do, they become reliant on their husband being the sole earner. A post-nuptial can help clarify how that will affect the couple’s money decisions and any future divorce settlement.
Correspondingly, it can give both husband and wife clarity about how their income and expenditures will be addressed. That is a key reason why post-nuptials are becoming more prevalent in family law. Illinois couples considering one should seek out an attorney with experience in this area for legal advice.
Source: Forbes, “Why You Need A Postnup And Other Points To Consider Before Leaving Your Paid Job To Be A Stay-At-Home Mom” Jeff Landers, Jan. 22, 2014