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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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

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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