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Benefits of postnuptial agreements in Illinois

Many couples acquire prenuptial agreements before marrying to allocate assets in the event of a future divorce. However, under a variety of circumstances, a couple may fail to set up a prenuptial agreement and instead seek a postnuptial agreement in Illinois later in life. 

There are many reasons why couples do not set up a prenup. Some couples do not think about it prior to marriage because neither one has any substantial assets and both parties make roughly the same amount of money. Later in life, one person acquires a lot of money through an inheritance and wants to protect those funds. Some couples believe creating a postnup is a way to save a failing marriage by laying out expectations in a legal document. While it can be an awkward conversation to have with a spouse, it is a necessary one, and there are plenty of benefits to gain. 

It is a way to adapt to a changing marriage

People change over the course of many years. A person may have been one way prior to the marriage, but over the years, one spouse adopts different spending or lifestyle habits. Additionally, one person may have been dishonest prior to the marriage about what assets he or she actually held. Jumping straight into divorce may seem like a huge leap, but many people want to prepare in case divorce becomes an inevitability. A postnuptial agreement allows both sides to prepare while agreeing to work to preserve the marriage. 

It can save a marriage

In some instances, a postnup can strengthen a marriage when it is in a state of crisis. For example, in the event a spouse is unfaithful, a postnuptial agreement can lay out how there will be financial consequences if the spouse continues to cheat. The agreement can serve as a deterrent against divorce, but it will make events incredibly easier if divorce becomes the only option. 

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