Tag Archives: prenuptial 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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IL divorce lawyerThere is a common misconception that prenuptial agreements only benefit the wealthy. News stories of high profile divorce cases openly discussing existing prenuptial agreements only serve to perpetuate and reinforce this error. While affluent Americans do experience substantial benefits, having the protection of a prenuptial agreement is arguably more valuable to the working class citizens.

Although it is not the most romantic idea, if you have an upcoming marriage, you will want to consider creating a prenuptial agreement, and here is why:

Marriage Is a Legal Agreement

Although the thought of marriage being a legal agreement is a sobering realization, those who understand and appreciate this reality fare better in the unfortunate event of divorce. Before the wedding begins, everyone is confident love that will never end; yet, the United States has a notorious divorce rate of nearly half of all unions. In Illinois, once you are married, everything is owned jointly, from the money you make in your business to the house you buy and everything in between. During a divorce, everything is subject to an equitable marriage division, or as close to 50/50 as possible, unless you have a prenuptial agreement stating otherwise. For some, losing half of their assets is financially devastating.

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IL divorce lawyerPlanning a wedding is an intensely exciting time, during which every little detail brings you one step closer to saying “I do.” However, somewhere between the color scheme and the wedding march, it is important to remember that a marriage is the joining of two lives in their entirety. Not only will you be sharing a family and a home, but you will also be sharing in each others’ financial status, for better or for worse.

Although as we discussed in another blog that the divorce rate is dramatically decreasing, it is still the sobering reality of a significant portion of the population. Therefore, it is vital to protect yourself, and your dependents, from any financial fallout that may occur after a divorce. If the wedding has not happened, you still have time to complete a prenuptial agreement. If, however, you are already solidly into the marriage and the honeymoon phase is long-past, do not fret; a postnuptial agreement is available.

The Basics

Both a prenuptial agreement and postnuptial agreements are legal documents that specify what happens, should the marriage come to an end. The sole difference between the two is, the prenuptial is signed before the wedding begins, while postnuptial begins after entering into the union. The primary focus of either agreement is the financial outcome, such as the division of property and debt, but since the spouses create these arrangements with the assistance of a skilled attorney, they can include or exclude anything a party wishes to be made clear. Some spouses even go so far as to explain the outcome, should there be infidelity during the marriage. Most couples include information regarding:

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Hinsdale IL prenup agreement attorneyWhen you are engaged to get married, one of the last things on your mind is divorce. Though it is not a romantic topic, or even one that you want to broach, thinking about what would happen if the marriage ended should be on your to-do list before you tie the knot.

Talking with your partner about what divorce might look like in your case can help the both of you have peace of mind during the marriage and could make for a simple divorce if it does happen. Prenuptial agreements can help you sort out your finances and help determine how marital property is divided if you decide to call it quits.

People enter prenuptial agreements for the security that they provide, so it is important that your agreement will hold up in court. There are several mistakes that can make your prenuptial agreement invalid, and many times these mistakes occur when one or both spouses does not retain counsel when agreeing to a prenup.

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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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