Tag Archives: postnuptial agreement

IL divorce lawyerPrenuptial agreements have been around for a long time. They are used to separate each party’s finances so that not everything gets lumped into marital assets during the duration of the marriage. For example, a prenuptial agreement could have a clause that all of the high earning spouse’s salary during the marriage be considered non-marital assets. Prenuptial agreements are also used to protect one spouse from the other’s horrible debt, as well as many other financial reasons. Lifestyle clauses within pre- and postnuptial agreements are entirely different.

What Is a Lifestyle Clause?

A lifestyle clause is a pre or postnuptial agreement between spouses about the behavior of one or both during the marriage, typically relating to in-laws, religion, and other joint decisions such as child raising. Some spouses are putting in lifestyle clauses within their pre- and postnuptials that limits the other spouse’s weight, limits time spent with in-laws, or limits the number of days that in-laws can stay in the couple’s home. Other lifestyle clauses are used to deter infidelity, set up rules regarding a child’s religious upbringing or education, or who gets the family pet if it comes to divorce. None of these lifestyle clauses discuss money, aside from the financial penalties that breaking the rules may incur.

Financial Penalties Are Commonly Used to Hold Both Spouses Accountable

The predominant way that lifestyle clauses are used to hold each spouse accountable, at least for wealthy married couples, is with the use of financial penalties. For example, if a husband gained 10 pounds, the prenuptial agreement may require him to pay his wife $1,000 for each pound gained, coming to $10,000. Infidelity could be fined at $500,000, as some reported clauses mandate.

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Illinios divorce lawyerMost people have heard of a prenup agreement and may be familiar with what one entails, yet many are unaware that there is a postnuptial agreement that can accomplish some of the same objectives. The main difference is that a prenup is signed by the parties before they get married, and a postnup is executed sometime after the marriage.

Examples of When a Postnup May Be Useful

Postnups can be used effectively in a number of circumstances:

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Hinsdale divorce attorneys, Illinois divorce, non marital propertyOn April 7, 2016 The Huffington Post reported that Gov. Rick Scott, a Republican, signed a bill on repealing a law that has been on the books since 1868. The law made it a second-degree misdemeanor for an unmarried man and woman to “lewdly and lasciviously associate and cohabit together.”

I can only say hooray for Gov. Scott for finally attempting to move the State of Florida somewhat closer to the 21st century!

It seems that Florida in fact trumps Michigan and Minnesota, if you’ll pardon the expression, which still do not legally allow unmarried couples to cohabit.

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Illinios divorce attorney, Illinois family law attorney, marriage, asset division, complex litigation,If you are contemplating a divorce, one of your first concerns may be how the divorce will affect your financial future. Dissolving a marriage will inevitably have an impact on both spouses’ financial circumstances. This is particularly felt in high-asset divorce cases. The higher and more varied assets you own, the more complex challenges may arise during divorce. Regardless of the specific assets involved, you will need experienced legal help during your high net worth divorce.

Complex and High-Asset Divorce

Perhaps the most financially relevant dispute in a divorce is property division. Illinois uses a property division standard termed “equitable distribution.” This means that both spouses receive a “fair” share of their marital property based on their individual monetary and non-monetary contributions to the marriage. According to state law, marital property generally includes all assets acquired during the marriage.

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Illinios divorce attorney, Illinois family law attorney, divorce statistics,Many people are familiar with the often-quoted statistic that half of all marriages end in divorce. Multiple studies from the 1970s and 1980s verified that number. However, a recent study suggests a 50 percent divorce rate has not been true for many decades. In fact, new research indicates that nearly 70 percent of all marriages begun in the 1990s reached 15-year anniversaries. Some experts believe these trends will continue, which could result in roughly two-thirds of all marriages remaining intact.

Researchers give multiple reasons for the decline in the national divorce rate. One reason is that, generally, more people are getting married at a later age as opposed to previous generations. Additionally, attitudes towards traditional gender roles have shifted, so more couples share in both monetary contributions and housework. Research also reveals that more couples marry for love instead of marrying due to social or economic pressures. For all of these reasons, it appears that nationwide divorce rates may continue to drop despite a steady rise in the 1970s and 1980s.

While there appear to be fewer divorces now than in previous years, couples should still consider the reality of what happens should their own marriage end in divorce. Like all family law disputes, divorces can be quite contentious due to high emotions and stress. Many divorcing spouses are especially concerned about their financial well-being, and what will happen after the divorce is finalized.

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