Prenuptial and Postnuptial Agreements

 Posted on December 24, 2018 in Divorce

Prenuptial and postnuptial agreements have become much more common in today’s society. Many attribute this to the median age at which most couples get married. Since 1990, the average age for marriage has risen from 26 to 29 for men and 23 to 27 for women. Rather than getting married right out of high school or college, as most people did in the 20th century, many couples opt to get married later in life. Not only does this add a level of age maturity to each spouse, but it also allows for more capital to be built up by each individual before getting married. As a result, many couples have decided to sign prenuptial or postnuptial agreements to better protect themselves in their marriage.

What Makes Up the Agreement?

A prenuptial or postnuptial agreement is a legally binding contract that states the division of assets between each spouse. This includes their finances coming into the marriage, what property each spouse has, and how they would split their home in case of a divorce. One of the main aspects missing from a prenup and postnup is child custody. While it is clearly impossible to plan this ahead of marriage if a couple does not have children yet, it is also illegal to do so. Child custody cannot be determined by the parents. This decision is entirely up to the court.

Common Reasons for the Contract

While getting married at an older age does have a correlation with signing a pre- or post-nuptial agreement, there are various other reasons why couples decide to choose the legally safe route.:

• A Previous Marriage - For couples who have been married before and will be bringing previous “baggage” into the marriage, a legal agreement is often signed as a precautionary measure.
• Wealth/Debt Division - Many spouses come from different economic statuses. This can mean one person has a substantial amount of wealth or debt. In cases such as these, many couples will decide that a prenup or postnup is the best decision.
• Only One Spouse Is Working - In case of a future divorce, some couples decide to have a safety net in place for the non-working spouse. Making this decision before or right after getting married can eliminate hashing things out if divorce is in their future and emotions run high.

Contact an Illinois Attorney for Legal Assistance

Signing a prenuptial or postnuptial agreement is a good way to protect you and your spouse in the future. If you have decided to take these precautionary measures, a skilled marital agreement attorney is crucial to best divide and protect your assets. Contact our Kane County prenuptial and postnuptial attorneys for a free consultation at 630-584-5550 to help you and your spouse decide what is best for your future.

Sources:

https://www.thespruce.com/estimated-median-age-marriage-2303878

https://www.investopedia.com/articles/personal-finance/070815/postnup-vs-prenup-how-they-differ.asp

https://www.theknot.com/content/what-is-a-prenup-should-you-get-on