First, understand that a prenuptial agreement can protect you and your spouse during the marriage by dividing property. In other words, a prenuptial agreement can guarantee that protection exists without even talking about divorce. As an example, consider the following scenario: Conclusion When it comes to deciding whether a prenuptial agreement is right for your relationship, it`s important to set aside the emotional aspects of the issue and look at it from an objective perspective. Familiarize yourself with the applicable divorce laws and make sure you understand their implications before signing on the dotted line. Daniel J. Kollias has experience in family law, estate law and business law. This expertise underpins our desire to design effective prenuptial agreements that fully protect your rights. If you`re considering preparing a prenuptial agreement in Cook, DuPage, or Kane County, or if you`ve been presented with a proposed prenuptial agreement and want a full valuation by an experienced attorney before signing, we`re ready to help. Divorces can be chaotic; There are not two options. However, if you and your spouse enter into a prenuptial or postnuptial agreement, both parties will have a better idea of what to expect in the future. This can save you time and money in the long run. If you`re considering marriage and are interested in drafting a prenuptial agreement, or if you`ve already gotten married and are considering a postnuptial agreement, contact The Taradash Group, P.C., a preeminent family law firm in Chicago.
One of our divorce attorneys in Chicago will be happy to help you prepare your prenuptial agreement. Pros and Cons The practicalities of modern life have made prenuptial agreements more palatable than ever. These agreements can help clearly define financial matters, reduce conflict during the marriage, and prepare both parties for the consequences of the dissolution of their relationship. You can give the less wealthy spouse the comfort of knowing that the end of the marriage does not necessarily mean the end of the lifestyle to which he or she has become accustomed. Prenuptial agreements or prenuptial agreements have long been the “plan B” for engaged couples. They oblige the future spouses to negotiate the division of property as well as the responsibility of their debts in case their marriage takes a bad turn. However, the same questions may eventually remain – or become more important – long after the two have married. As a result, prenuptial agreements or postponements are gaining popularity. Have you ever purchased car insurance? If so, did this purchase increase the likelihood that you will have a car accident? Few people buy auto insurance because they plan to destroy their vehicle. The same logic applies to prenuptial agreements. Since we are talking about divorce, you do not receive a marriage contract because you intend to separate. But in such an undesirable case, it makes the divorce process much cleaner, easier, less stressful, and costly in legal fees for both parties.
People who don`t have a marriage contract and divorce regret it all the time. Just like people without a car accident who find themselves in a wreck without insurance regret it. A couple gets married. You don`t have a marriage contract. The husband is prosecuted. When sued, plaintiff`s attorneys acknowledge that Arizona is a communally owned state. This means that the husband has half an interest in all his property acquired during the marriage, but the wife also has half an interest in the same property. For this reason, the person suing knows that he must sue not only the husband, but also his wife.
A judgment is rendered for a substantial sum of money in favour of the plaintiff. Now, everything the couple owns together has become the target of recoveries by the plaintiff/creditor. Also known as a “postnuptial contract” or “postnup”. Similar to a prenuptial agreement, marriage contracts allow a couple to relieve stress caused by financial concerns. The conclusion of this type of contract allows the spouses to determine an equitable distribution of property upon dissolution of the marriage. This is also necessary if you plan to distribute your estate to your stepchildren. Because these contracts are less common than prenuptial agreements, some states simply don`t have much jurisdiction. That`s why it`s important to hire a local family law lawyer who can help you negotiate a deal that will stand up in court. Before proceeding with a postnup, you should also keep in mind that these agreements are easier to apply in some states than in others. Most courts tend to uphold agreements as long as they are written, signed without constraint, and include full disclosure of financial information on both sides. A prenuptial agreement is basically the same as a prenuptial agreement, except that you and your spouse make it after you and your spouse have already married, rather than before you got married.
In a postnuptial agreement, you and your spouse disclose all the money and property you currently own, both separate property and matrimonial property. Next, determine the rights and obligations each of you will have during the marriage, including how you will divide your money and property in the event of a divorce or the death of one or both of you. Prenuptial agreements are contracts between two people who are going to get married. Through such a contract, spouses can determine their own property rights in the event that the marriage ends in divorce and control the costs of divorce. Prenuptial agreements are drafted and signed in advance, but are not legally binding until after marriage. If the spouses do not have a marriage contract, state law determines the division of their property in the event of divorce. In the absence of a valid prenuptial agreement, for example, in Illinois, property acquired by spouses during a marriage would likely be matrimonial property. Illinois divorce law requires that such property be divided “equitably.” However, people may enter into a marriage with very different amounts of property and/or debts and may want to clarify who has control or ownership of these assets and liabilities, both during the marriage and in each department after the divorce.
By signing a prenuptial agreement, spouses can replace the general provisions of the law with their own personal instructions, which can reflect their wishes in as much detail as they wish. A prenuptial agreement must be signed voluntarily by both spouses, usually after full financial disclosure by both.