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Arlington Heights Prenup LawyerCouples who are entering a marriage should have the expectation of being open and honest with each other. It is important to have a full understanding of the property, assets, and debts that each spouse is bringing into the marriage, as well as how they would be handled in the case of a divorce. While no one gets married expecting a divorce, by preparing a prenuptial agreement, both spouses will be better prepared and better able to avoid future financial disagreements.

Issues Addressed in an Illinois Prenuptial Agreement

Prenuptial agreements can be a sensitive topic, but many couples recognize the potential benefits, especially if one or both of the spouses are entering the marriage with significant assets. The following are issues that can be addressed in a prenuptial agreement:

Identify non-marital property – During a divorce, one of the first steps is to decide which property and assets were jointly owned by the couple, known as marital property, and which is non-marital. Non-marital property is typically that which was acquired by each spouse before the marriage began. Having a prenuptial agreement in place can clearly identify these properties, which will save time and stress during a divorce.

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postnuptial agreement, Illinois family lawyerPrenuptial agreements are fairly common among married couples in this day and age. They can be used to clarify ownership assets, resolve questions of property division in the event of a divorce, and a host of other legal concerns. However, many couples do not sign prenuptial agreements only to discover a need for such an agreement later in the relationship. In such cases, fortunately, a postnuptial agreement may be an option.

Why a Postnuptial Agreement?

Postnuptial agreements are those conducted after a couple is married, but before any divorce plans—if they ever occur. They may cover many of the same questions as prenuptial agreements, but not all. Some considerations—such as the disposition of assets or debts acquired since the marriage began—are only going to appear in a postnuptial agreement.

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unconscionability, Rolling Meadows family law attorneyStatistics show that Americans are, on average, waiting longer than ever to get married for the first time. While the maturity that normally accompanies age may be a factor in the recent decrease in the divorce rate, waiting to get married also means that each spouse tends to bring more property, assets, and debts to the marriage. As a result, many couples are turning to prenuptial agreements to help them establish which property is whose and how certain assets are to be addressed in the event of a divorce.

Free to Make Your Own Choices

Prenuptial agreements in Illinois are governed by the Uniform Premarital Agreement Act which the state adopted in 1990. The law gives prospective spouses the right to negotiate the terms of a prenuptial agreement in whatever manner suits them. The only topics that a prenuptial agreement is statutorily prohibited from addressing are the rights of a child regarding child support and custodial (parental responsibilities) plans made in advance of such a need.

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prenuptial agreement, limits, Rolling Meadows family lawyerWhen many people think about a prenuptial agreement, the first thought that comes to mind is a wealthy, celebrity couple looking to protect their individual assets and property. Prenuptial agreements, sometimes called premarital agreements, are certainly useful in providing financial security in the event of a possible divorce, they do not have unlimited contractual powers. Before signing a prenuptial agreement, it is important to recognize some of things they cannot do.

They Cannot Be Too One-Sided

Provisions regarding the powers and limitations of prenuptial agreements are contained in the Illinois Uniform Premarital Agreement Act. While there are several possible reasons that an agreement could be found to be unenforceable, including coercion or deception, only one concerns the terms of the agreement itself. A prenuptial agreement will not be enforced if it is shown to be unconscionable. So what does that mean?

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