Tag Archives: prenuptial agreement

Illinois divorce lawyerA prenuptial agreement is a legal contract made by a couple before they get married that outlines how assets will be split in the event that their marriage ends, Often times, couples are hesitant to get a prenuptial agreement because of the negative connotations attached to it. They believe that if they get a prenuptial agreement, they are expecting their marriage to fail.

However, this is far from the truth as the purpose of a prenuptial agreement is to provide spouses with a financial safety net if their marriage does not work out. Although a prenuptial agreement may never be used, it’s a smart decision for couples to get one prior to getting married. Here are five reasons you should get a prenuptial agreement with your soon-to-be husband or wife:

1. You Are Wealthier Than Your Spouse

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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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Illinois prenup laws, Illinois divorce lawyerWhen you make the decision to enter into a marriage, you, like those before you, believe that the union will last forever. You have visions of your happily ever after and holding the hands of your loved one well after your hair loses its color. However, for a significant portion of the population, life happens, and the plans change. Especially due to high divorce rates, more couples inquire about entering into a prenuptial agreement, also known as a prenup, before tying the knot. For most Illinois cases, this contract is enforceable. However, this is not true for all situations.

Illinois Uniform Premarital Agreement Act

After the engagement and before the wedding a discussion about what happens if things go sour is a good idea. Although no one likes to taint the joyous occasion with negativity, marriage is a binding legal union, and it is well-advised to create a plan of action for if the contract collapses. A prenuptial agreement, or premarital agreement, delegates when everyone is on agreeable terms what should happen to property, investments and other earnings when everyone is not-so-willing to negotiate. This agreement must be in writing before signing the marriage certificate and becomes valid only after the union legally begins. Most areas of marriage may be included, except child support and visitation rights. A few items often included in such an agreement are:

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Illinois family law attorney, Illinois divorce lawyerYou and your betrothed are hearing wedding bells and making plans for a long life of wedded bliss. Marriage is a legal and formal obligation to each other, where two lives become permanently entwined, as do all of their assets, debts, and income. Many consider a prenuptial agreement before signing up to mix everything together. Also known as a premarital agreement or a “prenup,” a prenuptial agreement is not just for the wealthy or those protecting their assets. The agreement also enables a couple to add clarification to economic rights and obligations as well as create a plan for inheritance, especially in situations involving children from previous marriages. It is best to create a plan for these items while everyone is happy and in love, well before anything unfortunate occurs, such as a divorce. If possible, try not to wait until the last minute before tackling this checklist to add to your agreement.

Everything Premarital

From your debts to your assets, everything you accumulated during your single life needs consideration. After you make the extensive list, you must then determine what to do with them in the event of a divorce. Do they return to separate property or are they included as a part of the marital assets, a true, “what’s mine is your’s” situation? Doing so not only helps you both become aware of the financial standing but also lets you know what to accomplish together and what to work out separately during the marriage.

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Illinios prenuptial lawyer, Illinois divorce attorneyFor anyone who follows the glitz and glam of the Hollywood crowd, there is no doubt prenuptial agreements have always been a mainstay on Hollywood Boulevard, but has the prenup finally traveled to Main Street, U.S.A.? The answer, yes as it is now notable that prenuptial agreements are not reserved for the rich and famous. It is estimated that more prenup agreements are being drafted at the request of 46 percent of women nationwide.

As researched as far back as 2010, an interactive Harris poll revealed that 44 percent of all singles and 49 percent of all couples who enlisted the assistance of a prenuptial agreement attorney believed that a prenuptial agreement was not only a good idea but an integral part of the wedding plan process. Fifteen percent of those polled had wished they had opted for one.

The following six factors may prove the most influential as the landscape of prenuptial agreements undergoes a territorial expansion.

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