Contact Us
Subscribe to this list via RSS Blog posts tagged in prenup

prenuptial agreement, St. Charles family law attorneyPrenuptial agreements are legal documents which couples can create and sign before getting married. Provisions in the document include directives regarding how property and assets will be divided in the event that the marriage ends in divorce as well as plans for how finances will be handled during the marriage. Prenuptial agreements are often misunderstood and there is quite a bit of misinformation circulating the internet regarding these helpful legal tools.

Myth 1: Getting a Prenup is Planning for Divorce

The most commonly held false belief when it comes to any premarital agreement is that only couples who plan to divorce create these arrangements. This is simply not true. Although short-lived celebrity weddings have given prenuptial agreements a bad reputation, many couples benefit from prenups and never end up divorced.

...

prenuptial agreement, St. Charles family law attorneysA group of archaeologists has found what seems to be the world’s oldest known marriage contract. The clay tablet was discovered in Turkey and contains provisions that mention divorce, infertility, and other topics relevant to a marriage. Experts estimate the tablet to be about 4,000 years old, but the contract is remarkably similar to a present-day prenuptial agreement.

According to reports, the tablet lays out a marital contract between a man named Laqipum and his wife Hatala. Among the contract’s terms, there is a provision that delineates what would happen if Hatala could not have children—namely, that she would be required to buy a slave a woman with which her husband could have a child. The contract also specified the details of a possible divorce. If the man chose to divorce his wife, he would be required to pay her a certain sum of money. If a divorce was the wife’s decision, she would pay him the same amount.

The Benefits of Using a Prenuptial Agreement

...

prenuptial agreement, Kane County family law attorneyWhen you think about prenuptial agreements, you may picture a wealthy, high-profile individual looking to protect his or her assets before he or she gets married. While prenuptial agreements are most definitely useful in providing security for one’s finances in the event of a possible divorce, their power is not completely unlimited. Before you sign a prenuptial, it is important to understand their limitations and to enlist the help of a qualified family law attorney.

A Prenuptial Agreement Cannot Be Too One-Sided

The Illinois Uniform Premarital Agreement Act contains provisions regarding powers and limitations of such agreement in the state. There are several potential grounds upon which a prenuptial agreement may be found to be unenforceable, including deception by one spouse or that the agreement was signed under duress or coercion. An agreement will also be set aside if the court finds the terms to be unconscionable.

...

prenuptial agreement, prenup, Illinois Family Law AttorneyWhen a couple is preparing to marry, the thoughts of both partners are often consumed by ideas of romance and building a future together. It can be rather easy to forget that marriage also represents a civil partnership, as well, not entirely different from a business relationship of sorts. As Americans continue to wait longer to marry, many individuals are bringing more of a financial and personal history to their marriage, often creating a situation that is best served by negotiating a prenuptial agreement prior to saying “I do.”

A survey of the American Academy of Matrimonial Lawyers indicated that a majority of divorce and family law attorneys have seen an increase in prenuptial agreements over the last few years. There is an ongoing debate, however, over the effectiveness of many prenuptial agreements and the idea that formalizing such a contract can negatively impact the health of a relationship. For many, especially those entering a second or third marriage, a prenuptial agreement offers the opportunity to objectively discuss finances and money matters before they become a serious issue.

The main advantage of a well-negotiated prenuptial agreement is that it can remove much of the uncertainty that could potentially exist at the end of the marriage, whether that end comes by divorce or the death of a spouse. This can be particularly helpful for couples who bring with them substantial personal property or assets acquired prior to the marriage. By utilizing a prenuptial agreement, spouses are often able to agree upon the disposition of such property in the event of death or divorce, without the range of emotions death or divorce may cause jeopardizing objective decision-making. Instead, a couple is often able to plan logically and without bitterness so that, when the time comes, there will be little or no need for litigation or contentious family disputes.

...

Recent Blog Posts

Categories

Archives

Contact Us

NOTE: Fields with a * indicate a required field.
*
*
*
*