A lesser known option available in Illinois is the postnuptial agreement. This agreement serves the same purpose as the premarital agreement – determine, in advance the division of certain property and other financial issues including maintenance. Provided the parties enter into a postnuptial agreement voluntarily and with full disclosure, it will be enforced, with one added requirement – consideration. Consideration is an element of contract law. A party must receive something in exchange for entering into the agreement. In the case of premarital agreements, the marriage itself is the consideration. Postnuptial agreements have this added wrinkle that must be addressed in order to ensure enforcement.
In order to continue your marriage with the parties fully informed regarding financial issues in the instance of dissolution, schedule an appointment to review your options.