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Wheaton prenuptial agreement lawyersAs societal trends evolve, each new generation has its own views and priorities regarding marriage. Millennials, who currently range in age from their mid-twenties to late-thirties, are at a point in their lives when marriage is common, but their approaches to marriage, and often, their approaches to prenuptial agreements, reveal different needs from the generations that came before them.

What Should Millennial Couples Include in a Prenuptial Agreement?

Not every marriage requires a prenuptial agreement, but if you are a Millennial preparing for marriage, you may want to consider an agreement that addresses the following issues:

  • Protection of assets: According to the Pew Research Center, Millennials on average marry for the first time three years later than Generation X and four years later than Baby Boomers. By the time you get married, you may already be established in your career and have significant assets in your name, and a prenuptial agreement can help you define and protect those assets in the event of a divorce in the future.
  • Student loan debt: Many Millennials have tens of thousands of dollars in student loan debt, which may be a major factor in their financial situation when they prepare to enter a marriage. If one or both partners have significant debt, you may wish to account for it in your prenuptial agreement to ensure that you will not be responsible for your partner’s debt during your marriage or after a potential divorce.
  • Pet custody: Millennials currently comprise the largest share of pet owners in the United States, and many consider pets to be a member of the family. You may be entering your marriage with a pet of your own, or you may have adopted a pet with your partner before your marriage. In either case, your prenuptial agreement can address who has rights to your pet if you get a divorce.

Many Millennials also choose to cohabit with a romantic partner before getting married, which sometimes involves the sharing of assets and financial responsibilities. You may find it beneficial to establish a cohabitation agreement that addresses what happens if the relationship ends.

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DuPage County family law attorney, prenuptial agreementThe term prenuptial agreement or premarital agreement, usually referred to as a prenup in the media, is a written contract that is created by two individuals prior to their marriage. The purpose of such an agreement is to plan ahead to determine what happens in the event of death, divorce or separation. The agreement sets forth a list of property and debts owed by each person, and defines their rights to the property after they are married. A prenup usually deals with distribution of property, assets, liabilities, spousal support, and even attorney’s fees.

When a prenup is properly drafted and implemented, it is a legally binding contract between both spouses and its terms are enforceable. However, if a prenup is not drafted properly or fails to contain the financial specifics of both parties, it could be ruled unenforceable, and the plan you set in place could, in turn, fall apart. 

As you can see, if your prenup is not properly drafted and all financial details are not accounted for, you stand to lose everything for which you tried to adequately plan. If you are considering a prenup, you should contact an experienced attorney who will be able to evaluate your agreement, advise you of the possible alternatives and assist you in protecting your rights.

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DuPage County family law attorneys, Illinois premarital agreementsReasons for Premarital Agreements 

premarital agreement is a contract made between two potential spouses regarding any and all aspects of a marriage. There are several different reasons why couples agree to sign a premarital agreement before marriage. One person may be wealthier than the other and may want to protect that wealth in the case of a divorce. Additionally, if one party comes into a marriage with an existing business, a premarital agreement can protect those interests.

A prenuptial agreement can also be made to ensure predictability, to plan for the future, and to provide security for both parties involved. It can guarantee future life insurance, pension, or military benefits even in the case of divorce. It can also limit future support, to an extent, so that in the case of divorce both people feel like they are exiting the marriage with some level of support.

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marriage finance, debt, retirement, financial planning, Illinois family law attorneyThe time a couple spends engaged before their wedding ceremony is a special period of their relationship. Many discussions center around wedding planning, their love for one another, and their future plans. One conversation topic though that may be less popular is the sobering reality of finances. Even though a discussion about financial matters may not be as appealing as others during an engagement, it is an important one to have. A recent article gave engaged persons some advice on what questions to ask their future spouse when it comes to money matters.

10 Questions to Ask while Engaged

What is your credit score? This is an important piece of financial information since both of your credit scores may affect your ability to start a family, purchase a home, or buy a car. It is best to know what to expect going into your marriage and not after you have applied for a loan.

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prenuptial agreement, lawyer, attorney, divorce, marriage, prenupOften times, when two people in love are engaged and planning a wedding, planning for a possible divorce is the last thing on their minds. Even if the possibility of a future divorce has crossed their minds, they will likely avoid taking the step of suggesting a prenuptial agreement as doing so may result in not only hurt feelings, but potentially a broken engagement.

 Many people simply do not want to consider the possibility of a divorce down the road when they should be focused on planning for a lifetime together. However, those in the legal field or people who have gone through a divorce may try to convince them otherwise.  Why Agree to a Prenup? Essentially, a prenup is a contract by which two parties set out the terms of a possible divorce before getting married. And, as a recent article states, doing so makes a future divorce much simpler by clarifying the terms in advance. Prenups can clearly set out property division between the parties to a divorce, the length of spousal support and maintenance, and support for any children that may have been born outside of the marriage. Likewise, if any children born prior to the marriage are named as beneficiaries of retirement accounts, a spouse can later challenge the designation unless they agree in a prenup to sign a waiver after the marriage. Prenups may also be considered as a back-up to a will, or as evidence of your intentions in the event that your will is challenged. If your prenup represents an agreement of terms to which your spouse has consented in advance, it makes the success of any future challenge to your will less likely.  Prime Customers Often, it is not young couples marrying for the first time who are concerned with securing a prenup. Rather, it is typically older couples who may have already gone through a divorce and are remarrying who make sure they have a prenuptial agreement this time around. Not only have many older people experienced the complications of divorce first-hand and lived through the emotional and financial burdens associated with the process, but later in life people usually have more to protect. There are situations in which one party has amassed great wealth over their adult years and the other is not as financially stable. A prenup is essentially for guaranteeing that those assets will be protected in the event of a divorce. Prenuptial agreements can also protect one partner from the debt of the other, or they can protect children from a previous marriage.  Preparing a Prenup There are important requirements for preparing a prenuptial agreement that must be followed in order to avoid the agreement later being challenged by one of the parties in court. The following are some notable requirements that must be followed for a valid prenup:
  • Full disclosure of assets and debts possessed at the time of the agreement;
  • Presentation of the document well in advance of the wedding date, and free of any strict deadlines. The party signing cannot feel pressured into signing the document. Both parties should have ample time to study the terms; and
  • The terms contained within the agreement must not be unconscionable, or too one-sided, in light of the circumstances at the time it is signed.
If you are considering obtaining a prenuptial agreement, an experienced family law attorney in Illinois can help ensure your agreement will be upheld in court. Contact the attorneys at Davi Law Group today for a consultation.
LaraPrenuptial agreements, or premarital agreements, have the illusion of being solely reserved for the famously wealthy.  However, that really is not the case.  Many everyday people have found that prenuptial agreements can be beneficial in the event of a separation or divorce.  There are both pros and cons of prenuptial agreements. Premarital agreements are the tools that determine what each spouse has in non-marital property in the event of a divorce, legal separation, or the death of a spouse.  They are founded upon contract law. Prenuptial agreements can be beneficial in that they can ultimately reduce the cost of potential litigation by defining a couple’s property rights.  As far as cons go, prenuptial agreements can lead to unfair bargaining and failure to disclose the extent of all property. Prenuptial agreements allow for wealth to be passed down to children from prior marriages. This also applies to those older people who decide to remarry; they may choose to leave their “lifetime’s worth of wealth” to children from a previous marriage. In the event of one spouse entering a marriage after years of running a business, a prenuptial agreement can protect the business against unwanted involvement. However, those parties who helped build a business during marriage can sometimes be at a disadvantage because of this.  In general, the courts will grant business-building spouses fair, equitable amounts. Prenuptial agreements can have both beneficial and detrimental consequences.  If you and your soon-to-be-spouse are considering creating a premarital agreement, be sure to contact an experienced Illinois family law attorney to ensure that yours is fair to all involved parties.
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