Couples 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.

We have all made major decisions that we later wish we could undo. When it comes to undoing a marriage, the qualifying reasons under Illinois law to get a marriage annulled are very limited. If your situation does not meet one of the four reasons listed below, you must follow the legal procedures for divorce under Illinois law, even if your marriage has not lasted very long. It is best to work with an experienced attorney who can learn about your situation and guide you through the process.

Qualifying Reasons for an Annulment in Illinois

There are four circumstances in Illinois under which a married couple can have their marriage annulled. Each case also has a time limit before which the Declaration of Invalidity of Marriage must be filed. If the marriage does not meet one of the criteria or the time limit has passed, the couple either must stay married or seek a divorce. The qualifying circumstances and time limits are:

• One spouse did not legally consent to the marriage. This can be due to a mental disability, the influence of drugs or alcohol, or through coercion, fraud, or distress. Under this situation, the annulment must be filed within 90 days of the marriage.

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During the divorce process, couples may struggle with how to divide many of their marital assets, including the marital home, investments, and retirement accounts. An equitable distribution will involve give and take and both sides will value certain assets over others. However, many will overlook the marital debts that they have incurred and the importance of distributing them fairly. Both parties must work together to account for all debt before or during the divorce process.

Common Types of Marital Debt

In Illinois, debt incurred by either spouse during a marriage is considered marital debt, unless specified in a prenuptial or postnuptial agreement. This includes debt and loans in both spouses’ names and taken on by just one spouse. Debt that was incurred before the marriage is not typically considered marital debt. Common forms of martial debt are:

• Home mortgages – This can include mortgages for homes purchased together or a mortgage that was refinanced during the marriage.

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People move for a variety of reasons including a new job, better schools, or a chance to be closer to extended family. However, there can be complications with a relocation in the wake of a divorce if you and your former spouse are sharing custody of your children. Indeed, if your move meets certain distance criteria, you are required to seek approval from the court. If you are considering a move, you need to be well-informed about your legal requirements and should know on what grounds your former spouse could contest the move.

Implications of a Relocation in Illinois

In Illinois, when one parent who has primary or shared custody wishes to move, no matter the distance, they are legally required to notify the other parent at least 60 days before the planned date of the move. For relocations above a certain distance, special approval of the court is required because of the potential impact it may have on the existing parenting plan and parental responsibilities. These distances are:

• More than 25 miles if the child currently resides in Cook, Lake, McHenry, DuPage, Kane, or Will Counties

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 Divorce is rarely without complications. However, when a divorcing couple shares a family business, the divorce can be especially complex. Married spouses who are also business partners will need to determine how to address ownership of the business and the division of business assets during their divorce.

Dividing Business Assets in Your Divorce

A family business will likely be considered marital property in your divorce. This means that both spouses have a right to an equitable share of business assets. Before a business can be addressed during property division in a divorce, the spouses will need to determine the value of the business. There are many different ways to value a small business, but it is best to have a professional appraiser handle business valuation. This ensures that the valuation is as accurate as possible.

Ownership of the Family Business

Business owners pour their hearts and souls into their businesses. As a business owner, you may be hesitant to walk away from the business entirely. It may be possible for you and your spouse to continue to run the business together even after your divorce. However, if you choose to go this route, make sure a lawyer helps you set up the appropriate legal protections.