Items Every Illinois Prenup Should Have

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

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.

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Illinois Prenuptial Agreements

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

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

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Remarriage and Prenuptial Agreements

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

As 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.

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Prenuptial Agreement Checklist

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

Planning 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.

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4 Reasons Why Your Illinois Prenuptial Agreement May Be Found Invalid

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

As 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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What is Financial Infidelity?

 Posted on December 00, 0000 in Finances & Divorce

A new study from the National Endowment for Financial Education states that one in three couples is committing financial infidelity in their marriage. Financial infidelity can range from hidden credit card spending to secret receipts for big expenses. The key factor in the financial infidelity, though, is the intent to hide this behavior from their spouse. And this behavior can eventually result in marital tension or even divorce.

In the NEFE study, more than three-quarters of all respondents mentioned that “financial cheating” had hurt their relationship with their spouse. When the impact of financial infidelity reaches deep, all trust can be lost, especially when a spouse reveals a big gambling addiction or other financial obligation. At this point, it is very difficult to save the marriage and it leads couples to consult divorce attorneys.

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How the Economy Can Affect Divorce Rates

 Posted on December 00, 0000 in Finances & Divorce

While a marriage or divorce is often the result of a combination of emotional factors, it impossible to deny that finances play a major role in both. In marriage, tax benefits are generally available for both spouse, and the idea of combining two incomes is often a motivating factor—especially for younger couples looking to make ends meet.

Similarly, divorce also effects requires a number of financial changes and places economic demands on recent ex-spouses who must adapt to living on their own. It is little wonder that health of the national economy can be an influential force when it comes to keeping a marriage together or tearing it apart.

Money Matters

It may seem logical to assume that struggling economy would make life more difficult for married couples, creating added stress and pushing them toward divorce. In reality, however, the opposite seems to be true. Tough economic times tend to affect everyone in certain ways, but statistics suggest that a recessed economy actually keeps couples together rather than driving them apart. For some couples, this may be a result of trying a little harder in difficult times. For others, however, the question is simply one of money.

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The Challenges of High End Divorce

 Posted on December 00, 0000 in Finances & Divorce

Divorce is not always fraught with tension and difficulties between parties. Often amicable agreements and a shared understanding can make the process smoother. Either way, skilled legal representation is crucial to ensure all eventualities considered. Over 2,200 divorces and annulments in DuPage County occurred in 2013 alone, a number which equals about half of the marriages that took place. This demonstrates that divorce rates are significant and the process requires skilled legal advice and representation to navigate. This is more so in the cases of couples who have significant assets. These “high end” or “complex” divorces entail several more layers of analysis and an equally skilled divorce attorney.

Substantial Assets

There are several financial holdings that could contribute to a marriage accumulating significant assets. So, when it comes to dividing them and the “equitable distribution’ of assets, matters can get complicated. The court takes into consideration many factors to make a fair and just distribution of assets.

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Divorce Finances: Should You Open and Maintain a Secret Account?

 Posted on December 00, 0000 in Finances & Divorce

Both marriage and divorce create a wide variety of financial scenarios that impact both spouses, as well as children, over the course of months and years. Some believe the best way to maintain financial security, even before a divorce is considered, is to keep a secret account with funds of which your spouse is not aware.

Positive Aspects of a Secret Fund

Husbands and wives may find that opening a separate account apart from any joint accounts becomes a necessity. Some pros for doing so include:

• A “secret” account can be both financially and emotionally empowering. Some people need to maintain an element of individuality that marriage may not otherwise permit.
• Women’s advocates insist maintaining financial independence is important. Should a divorce become imminent that independence may be beneficial.
• You, and you alone, control how the funds of this account are spent.

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Where to Look for Hidden Assets

 Posted on December 00, 0000 in Finances & Divorce

If you are headed for a divorce, an amicable parting and division of marital property definitely is the best case scenario. However, it does happen when one party may attempt to conceal certain assets or even disguise the value of property in an attempt to get out of the marriage with more than the other party.

What to Look For and Where to Look

Here are a few things to look for when faced with a divorce, especially if you think it is something your spouse may have been planning for some time.

• Large sums of cash can be converted into artwork, jewelry, new tools, appliances, or sports equipment. If you notice a number of new purchases it is important to keep track of the date purchased and the value of the items.
• Using joint savings to suddenly repay a large debt. This allows the spouse to avoid carrying the debt after the divorce but have it settled with marital assets.

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