Joseph M. Lucas & Associates, L.L.C.
Illinois residents may be aware of prenuptial agreements as a common part of marriages in the state. However, postnuptial agreements are fast gaining popularity. A postnuptial, unlike a prenuptial agreement, is signed after the marriage vows have been taken.
According to legal practitioners, due to an increasing rate of divorce in the country, the frequency of getting a prenuptial or post-nuptial agreement is also on the rise. A postnuptial agreement is signed when a couple feels that their marriage is going to end. It is a kind of preparation in the event of a divorce.
In some states, a postnuptial can become effective only after the death of one of the spouses. However, in most other places it is very much like a prenuptial agreement.
A marital contract may include provisions for the division of marital property, bank accounts, child support and child custody. Some people even include the custody of their pets in prenuptial and postnuptial agreements.
Nowadays, most couples are in favor of having either a prenuptial or postnuptial agreement. They see these agreements as a cover that may protect their interests and finances in case of a split.
Drafting a marital agreement and framing its various provisions may be a complex exercise. Because of that, couples may want to consult an experienced professional before getting into a prenuptial or postnuptial agreement. A professional may be in a better position to understand the stakes involved and figure out the intricacies of a marital contract.
In any event, a prenuptial or postnuptial agreement is a legal document that is binding on both the parties. It is therefore necessary that it is made in accordance with the legal principles and laws in force. Couples will want to take care in drafting it.
Source: Fox42 News, “Post-Nuptial Agreements Growing Trend in Marriages in U.S.,” Franque Thompson, Jan. 4, 2013
Post-nuptials replacing prenuptial agreements in US