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DuPage County, IL family law attorney prenuptial agreementAs times are changing, so are attitudes toward previously taboo topics, such as signing prenuptial agreements before marriage. Over the years, drafting a prenuptial agreement before tying the knot has become more and more popular. One possible reason for the increase in popularity is that people are waiting until later in life to get married the first time. This means more people are entering into marriage with more assets that they want to protect. Prenuptial agreements must be created carefully, or they run the risk of being invalidated if they are contested during a divorce. Here are a few ways your prenuptial agreement may be found invalid:

  1. The Agreement Was Not in the Right Format

In the state of Illinois, prenuptial agreements must be in writing. In other words, you cannot have an oral prenuptial agreement. Both you and your spouse must sign the agreement for it to become valid, and you must file it with the clerk of the circuit court so there is a record of the agreement.

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Posted on in Prenuptial Agreement

prenupPlanning a wedding requires a great deal of organization and patience. You probably have a checklist of items that you need to get done before the big day, which may or may not include finalizing your prenuptial agreement. If you and your fiance have chosen to create and sign a prenuptial agreement, you will soon figure out that it comes with its own checklist of things to consider, which can become overwhelming when you are trying to plan a wedding. Having a solid prenuptial agreement that has examined all of the necessary factors is important to the successful implementation of the agreement in the event that you do get divorced.

Premarital Assets and Debts

Things that you bring into the marriage - whether they are assets or debts - are considered premarital assets and debts and are typically not subject to division during a divorce. In order to safeguard that property, putting it into the prenuptial agreement is a good idea. You can also stipulate what happens to the property if it is used to purchase other things during the marriage.

Marital Property

This is all assets and debts that you and your spouse accumulate during the time you are married. You can choose to either stick with Illinois law, which is to divide the property equitably in the event of a divorce, or you can create your own arrangement. You can go so far as to stipulate what specific items you will keep and what items you will give up.

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prenupAs many as half of all marriages in the United States end in divorce. While divorce still tends to have a negative stigma surrounding it, it is often the best choice that a person can make. You are better off being divorced and happy than continuing to live in a miserable marriage. Some people may think that a divorce is the end of their romantic lives, but many people use their divorce as an opportunity to reconnect with themselves and find a partner who is the right fit for them. If you are considering remarriage, it does not come without its own set of complications. Here are three things you should consider before you tie the knot again:

Make Sure the Timing Is Right

Experts say that you should wait about a year before you begin dating again after you have been divorced. This allows you to spend some time outside of a romantic relationship, which you can use to get in touch with yourself, rediscover your interests and determine what you want in your next romantic relationship. Remarrying too soon after a divorce can be a recipe for failure, but the timing can differ for everyone. If it feels natural to get remarried, then you are probably ready.

How Will Your Children React to the Remarriage?

Children can have a lot of opinions about a lot of things - and your remarriage will be no exception. Getting married again means inviting a new person into your life, but that also means that this person will be in your children’s lives as well. Before you get married again, talk to your children about how they feel and see what they have to say about the idea. While it is ultimately not their decision, it can be beneficial for both you and them if they are on board.

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Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer,Although it may have never crossed your mind, prenuptial agreements can be beneficial for many people - not just those who are wealthy. Prenuptial agreements are legal contracts that couples sign before they are married that can hash out the details of things like property division or spousal support in the event that the couple was to ever get divorced. Each state has its own laws pertaining to prenuptial agreements and agreements in Illinois are subject to the Illinois Uniform Premarital Agreement Act. The Act dictates everything from how prenuptial agreements must be constructed, to what can and cannot be included in prenuptial agreements. As with most things in the legal world, prenuptial agreements can become tricky, but here are four things that you should know before committing to a prenuptial agreement.

Anyone Can Benefit from a Prenuptial Agreement

Many people’s knowledge about prenuptial agreements comes from what they have seen on television and in movies. You do not have to be extremely rich or have tons of valuable assets to get a prenuptial agreement. Any couple can benefit from getting a prenuptial agreement, especially when one or both spouses have been married before, one or both spouses have children from other people, either one of you owns a business or there is an income disparity between the two of you.

You and Your Soon-to-Be Spouse Both Need to Hire Lawyers

While it would be easier to just hire one attorney who could draft the agreement for you, both of you should get your own lawyers to help you look over the agreement and foresee any future problems with it if it were to be used. A single attorney cannot be an advocate for both of you and if you both do not have separate legal counsel, your agreement may not hold up in court. Full Disclosure Is Required You are required to be completely truthful about any current assets that you have or any future assets, such as inheritance or inherited property you may get. Full disclosure is required going into an agreement, that way both spouses know what they are getting into.

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Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer, attorney fees,Even though the notion of planning for the end of your marriage before you are even married is not the most romantic thought, it is smart decision making. A prenuptial agreement is a legal document that dictates how each spouse’s assets are divided if the marriage ends in divorce. There are quite a few things that a prenuptial agreement can--and should--contain. Premarital Assets and Debts You should make a list of your assets and debts that are currently in your name and that you acquired before your marriage. These assets can be anything from savings and brokerage accounts, a car, jewelry or a house. You and your spouse should be upfront with each other about assets that you are bringing into the marriage. You should also discuss how you will handle the division of premarital assets and debts in the event that they become intertwined with marital property. Marital Property In general, marital property is any asset or debt that is acquired during the marriage. The prenuptial agreement should spell out how you handle the assets and income that you gain during the marriage. You could possibly split marital property 50/50, or you could distribute the marital property as equitably as possible, meaning it may not be 50/50. This can save you a lot of time in the future if you do end up getting divorced. Spousal Support Though you are not required to have a section for spousal support in a prenuptial agreement, it can be extremely helpful to have your wishes down if you do get a divorce. Depending on you and your spouse’s assets, living expenses and other things, you may be entitled to spousal support. If your prenuptial agreement contains clauses about spousal support, the courts must follow the agreement’s terms. Get Support from an Aurora Prenuptial Agreement Attorney

Prenuptial agreements are becoming more and more popular and are losing the stigma that they once held. This is due partly because couples are tending to enter into marriage with a lot more assets than they did 40 years ago. If you are engaged and think a prenuptial agreement is right for you, a skilled DuPage County prenuptial agreement attorney can help you draft an agreement that fits your needs. Contact the Law Offices of Matthew M. Williams, P.C. at 630-409-8184 to set up a consultation.

 

Source:

https://www.americanbar.org/groups/gpsolo/publications/gpsolo_ereport/2012/march_2012/premarital_agreement_issues_checklist.html

Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer, attorney fees,Nobody prepares for divorce when they are engaged, but according to a survey from the American Academy of Matrimonial Lawyers, that is exactly what people are doing. Of the members surveyed, 62 percent saw an increase in the number of couples seeking prenuptial agreements over the past three years. Increasing Popularity, Losing Stigma One reason why prenuptial agreements are becoming more common is due to the trend in marriage - more people are waiting until they are older to get married. According to a U.S. Census report, about 8 in 10 people had married by age 30 in the 1970s, but in 2016, the same percentage was not reached until age 45. Because people are waiting longer to get married, they are more likely to have accumulated assets, such as a business or property. A prenuptial agreement is a way for couples to protect these assets in the event of a divorce. Prenuptial Agreements May Be for You

While prenuptial agreements still might ring unromantic for some, they can be right for others. Here are seven situations in which a prenuptial agreement might be right for you.

  1. When important assets are involved - When you have assets such as a house, stocks or retirement funds, a prenuptial agreement can protect your personal assets.
  2. When children from previous marriages are involved - Many times people have obligations to their previous spouses or children from a previous relationship. Prenuptial agreements can protect certain assets and allocate them to the children.
  3. When one partner owns a business - If you own a business and you end up getting a divorce, part of your business may be allocated to your spouse, meaning you may end up with an unwanted partner in your business.
  4. When one partner is much wealthier than the other - When there is a major income difference in partners, things can often turn out not in the favor of the wealthier partner.
  5. When one partner is much older than the other - If one partner is much older than the other, the older partner may not be able to recover their assets in time for retirement.
  6. When debts are involved - When one or both partners have debt going into a marriage, having a prenuptial agreement can ensure that each partner pays for his or her own debt when the marriage is dissolved.
  7. When inheritance is expected - If one or both partners expect to gain an inheritance during their marriage, a prenuptial agreement can prevent it from being divided in the case of a separation. A prenuptial agreement can also specify that family heirlooms stay with a specific partner.
Contact an Illinois Prenuptial Attorney If you think that a prenuptial agreement is right for you, you need the help of an experienced Illinois prenuptial attorney to take care of the details. The Law Office of Matthew M. Williams can provide you with guidance and nearly 10 years of expertise. Call 630-409-8184 to schedule a consultation.

Sources:

https://www.washingtonpost.com/business/economy/why-youre-more-likely-to-have-a-prenup-than-your-parents-were/2017/08/04/51361598-77d8-11e7-9eac-d56bd5568db8_story.html?utm_term=.4744c5cea865

http://aaml.org/sites/default/files/New%20vow%20%E2%80%99Til%20prenup%20do%20us%20part.pdf

Posted on in Uncategorized

prenuptial agreement, DuPage County family law attorneyA prenuptial agreement is a legal contract developed and signed by a couple before they get married. A prenuptial agreement, or “prenup,” can delineate how financial assets and property will be divided in the event that the couple divorces in the future. It is important to understand that a couple cannot use a prenuptial agreement to make determinations about future custody of or child support for children the couple has together.

Benefits of Prenuptial Agreements

There are a number of potential benefits to developing a prenuptial agreement. For example, a prenuptial agreement can be used to:

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prenuptial agreement, DuPage County divorce attorneyPrenuptial agreements are becoming increasingly common in today’s society, especially as remarriages and marriages between individuals with significant property holdings become more prevalent. When properly executed, a prenuptial agreement can be a very useful tool for alleviating contentiousness and disagreement in the event of a divorce. On the other hand, there may be situations in which the agreement you signed before your marriage may not actually be enforceable under the law.

Change Your Mind?

It is important to keep in mind that a prenuptial agreement is a contract with your soon-to-be spouse. Signing any contract has its consequences, and this situation is no different. Over time, you may come to regret the choices you made in drafting the terms of your agreement, but that does not usually make them any less enforceable. A court will not set your agreement aside just because you have changed your mind about your decisions. You signed the contract, and you must live with its provisions. However, there are some factors that could render your prenuptial agreement unenforceable.

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prenuptial agreement, remarriage, Illinois family law attorneyAs the age at which Americans enter their first marriages continues to rise, each partner is likely to bring more personal history and property to the marriage than those of previous generations. Individuals spend more time as single adults than ever before, often starting careers, buying homes, and investing in various business interests. For many entering marriage for the first time, a prenuptial agreement may be appropriate to help establish what belongs to whom in the event the marriage does not succeed. For those entering a subsequent marriage, however, a prenuptial agreement may be virtually necessary to account for even more complex personal situations.

Second and Third Marriages

If you are considering remarriage, one of two things have already happened: you have been widowed by the death of a spouse or you have been through the process of divorce. Therefore, you probably have a pretty good understanding of many of the complexities that can present themselves. A prenuptial agreement, as you probably realize, can help remove a great deal of uncertainty through cooperation while the spirit of togetherness is alive and well between you and your soon-to-be spouse. Drafting a prenuptial agreement is not betting against your marriage any more than a life insurance policy equals betting against your life. At some point, your marriage will end, either by divorce or death, and a prenuptial can address both realities.

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 Illinois family law attorney, Illinois divorce lawyer, prenup, divorce negotiations, Signing prenuptial agreements has become a common practice before marriage, especially for wealthier individuals. They ensure a person’s wealth, assets, and property will not go to his or her spouse if the marriage ends in divorce. While it is true that prenuptial agreements are difficult to challenge, there are certain circumstances under which the court may omit certain stipulations within the agreement or throw it out completely.

Divorce cases are notoriously unpredictable. The intricacies of family law tend to make every case unique, and if a person wishes to challenge a prenuptial agreement, the matter becomes even more complex. For this reason, hiring an experienced family attorney may help ensure a more favorable outcome.

There are a number of common reasons for a prenup to be thrown out during divorce proceedings. One of the simplest is proving that the paperwork contains errors that make it invalid. This strategy may involve scrupulous amounts of paperwork analysis and verification, but it is not uncommon to find mistakes in a prenuptial agreement. While simple errors might not label the entire agreement invalid, they may render certain aspects of the agreement void.

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For many, a prenuptial or postnuptial agreement brings visions of greedy men trying to keep their spouses from assets they would have been entitled to if not for the ‘Prenup’.  To others, prenuptial or postnuptial agreements are something that only the ultra-rich or wealthy enter into.  The truth, however, is that divorce is becoming more commonplace and even the ordinary citizens, both men and women, can benefit from thoughtfully conceived and well-drafted prenuptial or postnuptial agreements.

 The linchpin of agreements of this nature is whether you have assets which have been accumulated solely by yourself or through an inheritance and you desire to protect them from becoming jointly held assets upon marriage.  With an agreement of this nature, you and your spouse can even decide during the course of the marriage which assets will be added or subtracted from the agreement to allow for an easier division of assets in the event of a divorce.  In addition, these agreements can establish future obligations in the event of a divorce and allow the spouses to keep their individual debts separate from one another. Prenuptial agreements in particular become more important if an individual is contemplating getting re-married, has children from a previous marriage, and wishes to ensure those assets go to the children.

Because there is often a stigma that surrounds the execution of these agreements, it is important for each spouse to openly discuss their needs and desires in connection with the dissolution of their assets should a divorce or some other untimely event arise.  Spouses should remember to view these agreements as additional estate planning tools that will afford them peace of mind that their loved ones will be protected. These agreements should no longer be viewed as a byzantine effort of men to deceive their spouses, but rather as a protective measure available to both men and women equally.

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Rise in Number of Prenuptial Agreements IMAGENo one likes to think about divorce at the beginning of a marriage. Traditionally, prenuptial agreements have been thought to be important among the very rich or the very flaky, but not necessarily relevant for the average American couple. With divorce rates staying high at about 50 percent, this is changing. “According to a new survey of the American Academy of Matrimonial Lawyers (AAML),” and as reported by the Huffington Post, “63 percent of divorce attorneys say they’ve seen an increase in prenuptial agreements during the past three years.” There’s a growing sense in the U.S. that marriage is as much a business arrangement as it is one for love—with the debate around same-sex marriage, financial perks (such as tax breaks) are often brought up as an objective reason for marriage equality. This same feeling could be responsible for the rise in the number of prenuptial agreements.

Alton Abramowitz, president of the AAML, told the Huffington Post that this idea of marriage as a business arrangement could be directly related to the economy. “As the financial and real estate markets continue to improve, there is a greater awareness of risk to possibly sharing these gains in a divorce,” he said. According to a survey conducted by the AAML, lawyers said that the top three items covered in most prenups include “the protection of separate property, alimony/spousal maintenance, and division of property.”

While prenuptial stereotypically initiated by men more often than women, the new research also showed that women are largely responsible for the growth in number of prenuptial agreements. Nearly 50 percent of lawyer polled “noted an increase in the number of women initiating requests for prenups,” according to the Huffington Post.

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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