Postnuptial Agreements Beneficial in Case of High Asset Divorce
More couples are finding it beneficial to draft a postnuptial agreement, which is a legally binding agreement between spouses in case of divorce. A high asset divorceis especially complicated and couples with a large net worth may find these agreements beneficial. A postnuptial agreement drafted after a marriage can alleviate some of the stress of a high asset divorce, much like a prenuptial agreement.
These agreements have the same amount of legal bearing as a contract that is drafted before the marriage. Illinois couples should note that it is never too late to explore this legal option, especially if financial circumstances have changed drastically since the marriage. Couples may work with an experienced legal team to ensure that any agreement is drafted fairly and reasonably.
Legal rights to money, assets and properties change after a couple is married. When there are valuable assets involved, it could add a protective measure for couples in case they divorce in the future. A postnuptial agreement would determine how property is divided and finances are distributed between the two parties. A couple may also benefit from a postnuptial agreement if they own a company together or would like to protect the financial interests of their children.
A marriage does not have to be “in trouble,” nor does an Illinois couple have to expect a divorce to benefit from these legal contracts. However, it is wise to consider future possibilities, including that of a high asset divorce. An evaluation of the entire financial status of a couple can reveal legal options and individual needs regarding any type of nuptial agreement.
Source: post-gazette.com, “Postnuptial agreements gaining traction with couples“, Tim Grant, Sept. 9, 2014