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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Statistics on the divorce rate are often vague and difficult to understand, and they may change depending on the source you consult. While some sources state that more than half of marriages end in divorce, others estimate that the divorce rate is actually somewhere between 40 and 50 percent. While the numbers can be debated, most sources agree on a few of the most common factors that are prevalent in many divorces. While these factors are not a guarantee that your marriage will not stand the test of time, their presence has been linked to the increased probability of divorce. Here are a few of the most common elements that can affect your odds of marital success:

  1. You Were Young When You Got Married

Many studies conducted have concluded that getting married at a very young age can be a predictor that your marriage will not last. A study in the Journal of Marriage and Family concluded that those who were married in their teens or early 20s had a higher chance of getting divorced than couples who waited until they were in their late 20s or 30s. This may be due to a lack of maturity or simply growing apart as spouses get older. 

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b2ap3_thumbnail_Kane-County-family-law-lawyer.jpg-min-1.jpgNot all marriages have a happy ending. In fact, depending on the source you consult, around 40 to 50 percent of all first marriages in the United States end in divorce. If that statistic was not sobering enough, the divorce rate only increases for people who are married Kendall County a second and even a third time, with numbers soaring to somewhere around 60 to 65 percent of marriages ending in divorce. Though the statistics suggest that the odds are against you when it comes to remarriage, everyone deserves to be happy and find a partner with whom they can spend their life. Having a successful second marriage is not impossible; you just need to plan accordingly before you walk down the aisle a second time. Below are a few things you should keep in mind before you get remarried:

Be Truthful

First and foremost, you should be sure that you divulge everything of importance to your future spouse before you are married. You should be open and honest about all of your assets, credit history, debts, and other obligations. If you have obligations to provide child support or spousal maintenance to a child or spouse from a prior marriage, tell your new partner about them. Getting everything out in the open and being honest is the first step to a successful marriage.

Decide How You Want to Keep Your Assets

Second or subsequent marriages often include spouses who are bringing significant property and assets into a marriage. Make a list of each of your major assets and how you would like to use them or how they will be handled after your death. You and your spouse should decide how you want to handle all of your assets going forward. Will you have a joint bank account, or will you both still keep separate bank accounts? Which assets are important to separate?

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Yorkville prenup lawyer business ownershipMost people have some sort of understanding as to what a prenuptial agreement is. Countless movies and television shows have depicted prenuptial agreements as documents that a wealthy person insists on being signed before the wedding to protect him or herself from a potential “gold-digging” spouse. While that is one reason to get a prenup, there has been a rise in prenuptial agreements in recent years for other reasons, especially among millennials. Prenuptial agreements can be extremely helpful in many ways, including creating protections for your business in the event you get a divorce.

Is Your Business Considered Marital Property?

In Illinois, only marital property is subject to division in the event of a divorce. Marital property includes anything that was acquired after you were married but before a divorce is settled or legal separation is declared. That being said, if you had a business before you were married, the ownership of the business will typically stay with you. This does not mean all is safe, however. If your spouse played any role in the business while you were married, he or she could be entitled to a portion of the growth in the value of the business.

How Can a Prenuptial Agreement Benefit You?

If you own any sort of company at the time you get married, have a business in the works, or plan to start a business in the future, you should seriously consider getting a prenuptial agreement. If you currently have your own company, a prenuptial agreement can specify how you will value the business in the future if you get a divorce, preventing a third-party valuation process down the road. It can also allow you to specify a certain percentage that your spouse will receive if you do get a divorce. This can prevent your spouse from getting too much of the value of your business if you decide to split up.

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DuPage County prenuptial agreement attorneyThe idea of planning for your divorce before you are even married can seem counterintuitive to many, unromantic to some, and just plain wrong to others. While nobody wants to admit it, the prospect of getting divorced is a very real one. Depending on the source, the divorce rate in the United States fluctuates between 40 and 50 percent. Although prenuptial agreements may still hold a negative stigma, they are becoming more popular than ever, for a couple of reasons. For one, the average age of marriage has increased dramatically from what it was just a couple of decades ago. People who are older tend to be more established and have more assets and property that they want to protect. If you are thinking about getting a prenuptial agreement, the following are a few ways it can benefit you and your spouse:

You Get to Choose How Your Property Is Divided

In a prenuptial agreement, you can spell out which specific property is given to whom in a divorce. This means you do not necessarily have to follow state laws on property division. Illinois divides marital property on an equitable basis, which does not necessarily mean equally. Judges use a specific list of factors to determine how property and debt are divided fairly. With a prenuptial agreement, you can divide your property as you see fit, and can also guarantee that certain assets, like family heirlooms or family pets, will stay with you.

You Can Protect Your Business

Another way prenuptial agreements can be beneficial is for protecting any businesses or professional practices that you own or may own in the future. If you state that your spouse has no right to any portion of your current or future business, then you maintain sole ownership, rather than having to split it. Under Illinois law, if you start a business while you are married, your spouse has a right to a portion of that business. Likewise, if you already have a business before you are married, your spouse is entitled to a portion of the profits or growth that accumulated during the marriage.

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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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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. It Can Get Awkward Between You and Your Significant Other Bringing up the idea of a prenuptial agreement can be awkward for both you and your soon-to-be spouse. Prenuptial agreements tend to still carry a negative stigma because they are planning what will happen if you two get a divorce. Really, you should not stress about the conversation with your significant other. If you two truly love each other, the conversation will be welcomed with open arms. Contact a DuPage County Prenuptial Agreement Lawyer

Though people rarely talk about prenuptial agreements, they should not be considered taboo. In the unlikely event that you and your significant other get a divorce, prenuptial agreements can save you a lot of time and money about certain decisions, making the process easier. If you are looking to get a prenuptial agreement before you are married, you should contact a skilled Aurora, IL prenuptial agreement attorney. The Law Office of Matthew M. Williams, P.C. can help you draft an agreement that benefits both you and your spouse. To schedule a consultation, call the office at 630-409-8184.

 

Sources:

https://www.forbes.com/sites/christinefletcher/2018/09/18/10-things-you-need-to-know-about-prenups/#6229d8ce62ba

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Illinois divorce attorney, Illinois family lawyer, Illinois child support lawyer,Prenuptial and postnuptial agreements have long been considered taboo or unromantic. While it is probably close to one of the most unromantic topics you could discuss, divorce is a possible reality for any married couple. Entering into a prenuptial or postnuptial agreement can help you if you do decide to get a divorce somewhere along the road. Ironically enough, these kinds of agreements can also help you during your marriage, too, which is one of the reasons why they have become more popular.

What Is a Postnuptial Agreement?

Both prenuptial and postnuptial agreements are legal documents that can outline certain things in the event that a marriage ends in divorce. Unlike prenuptial agreements, which are signed prior to the marriage, postnuptial agreements are ones that are formed and signed after a couple is already married.

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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

Make Sure Your Prenuptial Agreement is Valid, divorce, family law, marital assets, Prenuptial Agreement, Aurora divorce attorneyWhen the Illinois Uniform Premarital Agreement Act went into effect it applied to all premarital agreements executed on or after January 1, 1990. So while premarital agreements, also called prenuptial agreements or “prenups,” have been in use for more than 25 years, every year a number of these contracts are voided for a variety of reasons.

Without the help of an experienced lawyer who focuses their practice on matters of prenuptial agreements, you could watch as your spouse walks off with a lion’s share of the marital assets. Understanding the basics is a good start toward protecting yourself in the event of a divorce.

What Might Invalidate Your Prenup?

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Posted on in Divorce

divorce, DuPage County divorce attorneySome divorces can take years to resolve, which can lead to many unfavorable consequences for both parties. However, many divorces can be resolved on a quicker timeline and with fewer attorney’s fees.

To streamline your divorce proceedings, consider the following tips:

1. Agree with your soon-to-be ex-spouse as much as possible.

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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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finances, Aurora family law attorneyIn the United States, an estimated 40 to 50 percent of all first marriages end in divorce. That number jumps to 60 percent for second and subsequent marriages. In survey after survey, one of the top issues that cause major rifts between married couples is finances. Different spending habits, different saving habits, and other differing perspectives on how money should be handled can do a lot of damage in a marriage. For example, one survey revealed that 47 percent of the couples surveyed had completely opposite spending and saving habits, which led to much stress in the marriage.

These statistics make a good argument as to why it is critical for engaged couples to have serious discussions regarding finances before they get married. Knowing how your future spouse handles money can help avoid big surprises after the vows are exchanged.

Future Career Goals

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prenuptial agreement, DuPage County family law attorneyNobody likes to anticipate the end of their marriage, especially couples who are planning their wedding or are just about to get married. We all want to believe in true love, in a fairy tale happy ever after ending, and a perfect relationship. Many marriages are successful, but statistics paint a less pretty picture than we would like to imagine. Recent statistics reveal that in the United States, 50 percent of first marriages end in divorce, 67 percent of second marriages end in divorce, and 74 percent of third marriages end in divorce. In the unfortunate case of a divorce, lifelong assets collected by both spouses must be assessed and divided. If you are about to get married, but are concerned about potentially having to divide your assets if the marriage ends badly, a prenuptial agreement can provide you peace of mind. Below are a few major reasons to consider a prenuptial agreement.

They Can Keep Your Assets Separated

If you and your future spouse are planning to keep your assets separated, it is best to put those plans in writing. A prenuptial agreement can ensure that you and your spouse keep your assets separated, and this applies to real estate, inheritances, and investments too.

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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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Posted on in Divorce

cheating spouse, Aurora divorce lawyerIf your marriage has been affected by a cheating partner, it is only natural to want some type of retribution. Some individuals will use their partner’s infidelity as a justification for their own adulterous acts—though most relationship experts advise against revenge cheating. Others, especially those who have decided to end their marriage, may believe that a financial penalty should be in order. While the law in Illinois does not allow the court to award extra money or property to the victim of a cheating spouse, there are some ways your unfaithful partner can be held at least partially responsible.

Infidelity Clauses in a Prenuptial Agreement

The Illinois Marriage and Dissolution of Marriage Act expressly forbids a judge from taking marital misconduct—like cheating—into account when dividing marital property or determining spousal support in a divorce case. There is, however, nothing that says that you and your spouse cannot agree to penalties for infidelity in advance. An increasing number of prenuptial agreements around the country are being drafted with infidelity clauses that prescribe a monetary or property consequence for acts of unfaithfulness. For example, you could agree—voluntarily, of course—that if you cheat, you forfeit a certain percentage of the marital estate that would otherwise be allocated to you. As long as your agreement is reasonably fair, the court would be hesitant to supersede it.

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prenuptial agreement, Illinois family lawyerAs more and more couples wait longer to enter into marriage for the first time, along with the rising prevalence of remarriage, individuals have more time than ever to accumulate wealth and property on their own. Extensive personal assets, of course, can make a subsequent divorce much more complicated, as it may difficult to differentiate between marital and non-marital property. For just reason, those who have started a business or obtained ownership of a company prior to marriage are encouraged to consider a prenuptial agreement to protect their interests.

Marital vs. Non-Marital Property

While the law in Illinois already provides that property or assets acquired prior to a marriage are not considered marital property, complications can still arise. For example, if your spouse owned a company before you got married, the company itself may not be part of the marital estate, but income generated by your spouse’s efforts after the marriage are usually considered to be marital. Similarly, any marital property invested into the company during your marriage may need to be reimbursed to the estate in the event of divorce, even as the company ownership remains non-marital.

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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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prenuptial agreement, equitable distribution, Illinois family law attorneyWorking with your soon-to-be spouse to develop a prenuptial agreement may be an uncomfortable task, but not doing so can compromise your financial interests in the event of divorce. In Illinois, the laws governing property division are intricate, and many couples find it difficult to navigate the legal system. This is why the advice of a divorce attorney may prove invaluable. Before you decide to divorce, contact a lawyer to learn how the process will affect your finances and to learn ways to protect your interests.

Prenuptial Agreements and Asset Division

As the median age for a first marriage continues to rise, individuals often enter a marital relationship with a substantial amount of personal property and assets. These may include savings accounts, business interests, and a variety of other investments. When considering marriage, a partner may not wish to combine all of his or her personal property into the marital estate and a valid prenuptial agreement can help ensure that your assets remain your own property. There are times, however, when a prenuptial agreement may be challenged.

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Illinios divorce attorney, Illinois family law attorney, marriage, business, asset division,Divorce is never a pleasant process, but understanding the procedures can make ending your marriage a lot less complicated. Divorcing spouses should know the difference between separate and marital property, as well as the meaning of “equitable distribution.”

Generally speaking, separate property is any asset that a spouse owned prior to the marriage. It also includes inheritance, compensation for a personal injury, and certain gifts received during the marriage. Marital property involves just about every other asset that the couple acquired during the marriage.

Illinois is an equitable distribution state. This means the courts will split property equitably—as opposed to “equally.” When dividing property, the courts will review your assets and determine which are marital property and which are separate property.

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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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