Lots of Illinois residents are familiar with how a prenuptial agreement works. It is a legal document that’s designed to protect a person’s assets in case they divorce in the future. Not everyone, however, is familiar with a postnuptial agreement.
A postnuptial agreement shares some similarities with a prenuptial agreement. However, the “post” version is signed by each partner during the marriage. It will protect the assets of each individual in case they separate or divorce in the future.
Some couples decide to create postnuptial agreements to add clarity to their finances. It can be beneficial when it comes to correcting wrongful past financial conduct on the part of one partner. It may prove beneficial if one of the partners will be receiving a large inheritance or if one spouse is not very good at handling money and the couple wishes to establish new money routines.
Owning a business as a couple has its benefits. However, if a couple that owns a business together decides to divorce, things could get pretty complicated. A postnuptial agreement will put in protections in case of a divorce. The postnuptial agreement could include how assets will be disposed of and if a business will be passed to the subsequent generation.
It can be beneficial for a couple to include certain professionals as they make decisions about a postnuptial agreement. Working with accountants and financial planners might be helpful. Each spouse may also want to retain their own lawyer. Legal counsel could help a client draw up documents that will protect their finances in case of divorce.