Prenuptial Agreement
A prenuptial agreement acts as a contract, and it can address a variety of issues, including the rights that spouses have regarding the property acquired before or during their marriage, how assets and debts will be divided during divorce, and can deal with the issue of alimony/maintenance and attorney’s fees following the end of their relationship.
Prenuptial agreements can provide spouses with protection in a number of situations, including:
- High income earners.
- Significant Assets and Debt.
- Business protection.
- Protecting assets for children from previous relationships.
Postnuptial Agreement
A postnuptial agreement is similar to a prenuptial agreement in most regards, with the biggest difference being whether the document is signed and executed before or after the marriage. Your postnuptial agreement can address to include a wide range of issues, including but not limited to:
- Division of property;
- Protection from debt;
- Payment of Maintenance;
- Protecting Business Interests.
As with prenuptial agreements, postnuptial agreements cannot include provisions regarding parental responsibilities or child support for the children. According to Illinois law, these concerns can only be addressed at the time that they become relevant, such as during a divorce or legal separation.