Postnuptial Agreements In Illinois

Divorce is terrible. Divorce changes everything in both parties’ lives and in their children’s lives. However, the status quo of living in misery and distrust cannot remain either. There must be some kind of half-measure, some kind of remediation in between marriage and divorce. Often, parties will look to a postnuptial agreement (also known as a “postnup” or an antenuptial agreement) as a way to delay divorce and set new terms for an eventual divorce. How does a postnuptial agreement work in Illinois? A postnuptial agreement is “an agreement entered into during marriage to define each spouse’s property rights in the event of a death or divorce.” Black’s Law Dictionary (11th ed. 2019). Agreements happen between couples before a divorce is finalized all the time…and Illinois courts will acknowledge them. “To promote amicable settlement of disputes between parties to a marriage attendant upon the dissolution of their marriage, the parties may enter into an agreement containing provisions for disposition of any property owned by either of them, maintenance of either of them, support, parental responsibility allocation of their children, and support of their children” 750 ILCS 5/502(a) In Illinois a contract is “an agreement between competent parties, upon a consideration sufficient in law, to do or not to do a particular thing.” People v. Dummer (1916), 274 Ill. 637, 640. Why A Postnuptial Agreement Can Be A Good Idea In Illinois When divorce is a possibility (but not a certainty), it may be a good idea to set the terms of that divorce in advance via contract. If the terms of a potential divorce are not set in advance, the terms of the potential divorce will be the Illinois Marriage and Dissolution of Marriage Act, 750 ILCS 5/et al. “If the parties decide to settle their property rights by mutual agreement rather than by statute, they are bound to the terms of their agreement.” In re Marriage of McLauchlan, 2012 IL App (1st) 102114, ¶ 21. Marital property that would, normally, be divisible can become non-marital and, thus, non-divisible in an Illinois divorce. Non-marital property can be “property excluded by valid agreement of the parties, including a premarital agreement or a postnuptial agreement.” 750 ILCS 5/503(a) A postnuptial agreement could be entered into reflecting that the parties’ fiscal relationship has completely changed over the years (maybe the parties became wealthy and one party wants to keep a business while the other party has no interest […]

from Russell D. Knight | Family Lawyer Chicago https://rdklegal.com/postnuptial-agreements-in-illinois/