In the state of Illinois, in the event of a divorce, the equitable distribution law divides the assets fairly, not equally. However, when individuals desire to manage specific assets or property in a particular manner, they may choose to pursue one of the two available nuptial agreements. In the event of a divorce, both pre-and post-nuptial agreements establish how to properly handle assets and property. While pre-nuptial agreements are formed prior to marriage, post-nuptial agreements are initiated during the marriage. If having such direct control over your assets provides you peace of mind, you may want to correspond with a family law attorney to better understand your options.
When Can Post-Nuptial Agreements Be Advantageous?
If the individuals are already married, it is too late for them to form a pre-nuptial agreement. If they still wish to seek this type of asset control during the marriage, they would enter into a post-nuptial agreement. Post-nuptial agreements can be valuable and provide benefits to the couple whether they face divorce or stay together. Oftentimes, the couple may have originally wanted a pre-nuptial agreement but waited too long to make this feasible.
Some examples of how a post-nuptial agreement could benefit a married couple include: