Candace Meyers explains how a postnuptial agreement works:
A postnuptial agreement is a contract entered into by two people married to one another after they are married. A postnuptial agreement is a legal document that allows a couple to negotiate an asset division and/or maintenance award while the parties are married and not involved in a divorce case. It is an agreement that may set forth what is marital property to be divided and what remains separate or nonmarital property. Like negotiating a prenuptial agreement, it is advised that both parties hire expert counsel. Being an agreement developed while the parties are married – and thus fiduciaries to one and other – there must be some legal consideration for accepting terms that may be different than what one would receive via trial. These are difficult concepts. You want to have the best attorneys representing you.
Read about prenuptial agreements:
- What are the requirements for a prenuptial agreement in Illinois?
- Why prenuptial agreements should not be overly harsh
- Prenuptial agreements and estate planning
Watch more video FAQs about the prenuptial agreement in Illinois: