prenuptial agreement, prenup, marriage, divorce, Illinois divorce lawyer, Geneva divorce attorneyWhen it comes to prenuptial agreements, many people have a basic understanding of how they work. However, there are many details surrounding them that people may not be familiar with. One of the most commonly misunderstood details is how to approach the subject of prenuptial agreements with your fiancee.

If you wish to bring up the option of a prenup with your soon-to-be-spouse, make sure to do it as early as possible. As long as the two of you have been open and honest with each other throughout your relationship, the mention of a prenuptial agreement should not be too surprising.

Nancy Dunnan, a New York City financial advisor and author, suggests that couples discuss prenuptial agreements even before the engagement. “Let your intended know you believe these agreements are important and that you would like to go over the topic.”

Before entering marriage, some couples choose to establish prenuptial agreements. These agreements are written contracts that set out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage later fails. Prenuptial agreements are generally common amongst couples in which both parties have substantial assets, children from a prior marriage, potential inheritances, or high incomes. While not for everybody, prenuptial agreements do offer some potential benefits that are worth taking a look at.

prenuptial agreementSome of the most basic advantages of prenuptial agreements can include the following:

  • Protecting your separate property;
  • Supporting your estate plan;
  • Defining what property is considered marital or community;
  • Reducing conflicts and save money if you divorce;
  • Clarifying special agreements;
  • Establishing procedure and ground rules for future matters.

In many cases, prenuptial agreements can strengthen relationships. Clear communication about money matters can improve the quality of your marriage and support good communication in general in your relationship. Even just sitting down and discussing money and property, without signing a written agreement, can help to eliminate future disagreements between you and your spouse. At one point or another, you and your future spouse will eventually need to sit down and discuss money; the sooner the better.

LauraWhether or not you have substantial assets, it is smart to draft a prenuptial agreement before your marriage begins to protect yourself and your spouse in case of a divorce. Knowing what belongs in a prenup (and what doesn’t) can be important for ensuring that your document accurately reflects your needs and wishes. Outlining this document properly with the guidance of an attorney is the best way to keep a court from deciding what happens to your property if you eventually obtain a divorce. Your prenuptial agreement should also be in line with state laws and requirements about what can and cannot be included in this document, which is why hiring a lawyer to assist you is critical. What goes into your agreement will depend largely on your individual situation at the time, but there are several basic suggestions for what belongs in your prenup.

  • First of all, protecting one spouse from the debts of the other can be done by limiting your debt liability in the prenuptial agreement.
  • Second, your agreement might lay down some specifics about providing for children from previous relationships in the event that your marriage dissolves.
  • Third, if you have family property that you want kept in the family regardless of what happens with your relationship, articulate this in your document.
  • You can also protect your estate plan, but it’s important to ensure that you keep relevant and updated estate information (such as wills and trusts) in line in addition to a prenuptial agreement.
  • Other common items that often appear in prenuptial agreements include specifications for separating a business, retirement benefits, investments in projects or properties, management of household bills and expenses, and the management of any joint bank accounts.

Your prenuptial agreement can be generated to reflect your needs and situation, and your agreement should only be drafted by a qualified Illinois family law attorney.

A prenuptial agreement is a document created by a couple prior to their marriage to determine rights and obligations should the marriage end. The Illinois Uniform Premarital Agreement Act oversees all prenuptial agreements, or prenups.

Lucy prenuptial agreementLegally, all prenuptial agreements must be in writing to be valid. Once the marriage is official, the prenup takes effect, regardless of whether or not the terms within the agreement are equal between parties. If a couple chooses to alter the agreement, it can only be done with written consent of both parties.

Illinois prenuptial agreements can include almost any subject matter, so long that it does not include criminal details, does not affect public policy and does not affect their children’s support. Illinois has specifically authorized the following rights and obligations to be included in a prenuptial agreement:

As divorce rates have been staying high for the past few decades, people have started to react to it with their actions before saying “I do.” Prenuptial agreements are becoming more common, because people have realized they want to protect their personal property and assets. Here is what the Illinois Uniform Premarital Agreement Act has to say on prenuptial agreements:

A premarital agreement is defined in the Act as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” The agreement must be in writing and signed by both parties, and it is enforceable without consideration. Just like with other binding legal contracts, you should know that the agreement is written properly beyond any doubt and that you know exactly what you are agreeing to. An experienced Kane County family law attorney can aid you with these tasks.

The first aspect covered in the act is the rights and obligations of each spouse in any of the property of either or both of them, regardless of when and where the property was acquired and where it is. The parties will define the rights to buy, sell, transfer, and take several other actions regarding that property. Spousal support, wills and trusts, and the ownership rights on the benefits of life insurance are also determined in a prenuptial agreement. Keep in mind that these are only part of the matters the agreement governs.

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