How to Challenge Your Prenuptial Agreement

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

Prenuptial agreements are becoming increasingly common in today’s society, especially as remarriages and marriages between individuals with significant property holdings become more prevalent. When properly executed, a prenuptial agreement can be a very useful tool for alleviating contentiousness and disagreement in the event of a divorce. On the other hand, there may be situations in which the agreement you signed before your marriage may not actually be enforceable under the law.

Change Your Mind?

It is important to keep in mind that a prenuptial agreement is a contract with your soon-to-be spouse. Signing any contract has its consequences, and this situation is no different. Over time, you may come to regret the choices you made in drafting the terms of your agreement, but that does not usually make them any less enforceable. A court will not set your agreement aside just because you have changed your mind about your decisions. You signed the contract, and you must live with its provisions. However, there are some factors that could render your prenuptial agreement unenforceable.

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Reasons to Consider a Prenuptial Agreement

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

Nobody likes to anticipate the end of their marriage, especially couples who are planning their wedding or are just about to get married. We all want to believe in true love, in a fairy tale happy ever after ending, and a perfect relationship. Many marriages are successful, but statistics paint a less pretty picture than we would like to imagine. Recent statistics reveal that in the United States, 50 percent of first marriages end in divorce, 67 percent of second marriages end in divorce, and 74 percent of third marriages end in divorce. In the unfortunate case of a divorce, lifelong assets collected by both spouses must be assessed and divided. If you are about to get married, but are concerned about potentially having to divide your assets if the marriage ends badly, a prenuptial agreement can provide you peace of mind. Below are a few major reasons to consider a prenuptial agreement.

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Marriage Finances and Prenuptial Agreements

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

In the United States, an estimated 40 to 50 percent of all first marriages end in divorce. That number jumps to 60 percent for second and subsequent marriages. In survey after survey, one of the top issues that cause major rifts between married couples is finances. Different spending habits, different saving habits, and other differing perspectives on how money should be handled can do a lot of damage in a marriage. For example, one survey revealed that 47 percent of the couples surveyed had completely opposite spending and saving habits, which led to much stress in the marriage.

These statistics make a good argument as to why it is critical for engaged couples to have serious discussions regarding finances before they get married. Knowing how your future spouse handles money can help avoid big surprises after the vows are exchanged.

Future Career Goals

Knowing what your significant other’s future career and income goals are will help give you good insight of where money ranks in their priority list. Does your future spouse have a career which requires long hours away from home? Or does your future spouse have a more family-oriented outlook and is not as concerned with advancements in their line of work? Understanding what each other’s future goals are will help the two of you achieve balance in your marriage.

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Make Sure Your Prenuptial Agreement is Valid

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

When the Illinois Uniform Premarital Agreement Act went into effect it applied to all premarital agreements executed on or after January 1, 1990. So while premarital agreements, also called prenuptial agreements or “prenups,” have been in use for more than 25 years, every year a number of these contracts are voided for a variety of reasons.

Without the help of an experienced lawyer who focuses their practice on matters of prenuptial agreements, you could watch as your spouse walks off with a lion’s share of the marital assets. Understanding the basics is a good start toward protecting yourself in the event of a divorce.

What Might Invalidate Your Prenup?

While assistance from an attorney is always recommended when it comes to any type of contract, here is a summary of the main causes why your prenuptial agreement might be invalid.

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Should You Consider a Prenuptial Agreement?

 Posted on December 00, 0000 in Prenuptial & Postnuptial Agreements

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.

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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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