We are open for business and offering phone and video consultations during business hours.

Free Initial Consultations

Phone630-580-6373
With offices in Naperville, Joliet, Wheaton, Plainfield & Chicago
Livas Law Group
Subscribe to this list via RSS Blog posts tagged in prenuptial agreement

How to Prepare for Remarriage After an Illinois DivorceIn the months and years following a divorce, many people find new partners with whom they want to spend their lives and decide to get married again. Remarriage can be a happy occasion and a time for celebration, but if you are planning for a second marriage, you should be sure to consider the changes it will bring for you and your family, as well as the legal matters you may need to address.

Addressing the Changes That Remarriage Brings

First and foremost, if you want to remarry, you must ensure that your divorce has been finalized and that your previous marriage has legally ended. If this is the case, then there are some additional factors for you to think through, including: 

  1. Combining Households and Families: You and your new partner will need to decide where you will live after your remarriage and if this means buying a new home together. If you have children, you should think through the best way to introduce them to your new partner and any potential step-siblings. You also may need to seek a modification to your parenting plan to accommodate your new living situation.
  2. Changes to Spousal and Child Support: In Illinois, a person who remarries is no longer able to receive spousal maintenance from the previous spouse. However, the paying spouse may still be required to pay spousal support after remarrying. When children are involved, both parents will still need to contribute to child support, but a modification may be in order if the remarrying parent experiences a significant increase in income as a result of the marriage.
  3. Pursuing a Prenuptial Agreement: Second marriages often happen at a point in life when both partners have significant financial assets, so you may find it important to develop a prenuptial agreement that specifies which of you has the right to certain properties if you get divorced in the future.
  4. Modifying Your Estate Plan: You may need to adjust your will and any trusts to include your new spouse as a beneficiary. It is also important to consider how your spouse’s inheritance will impact that of your children and other dependents from before the remarriage.

Contact a Naperville Family Law Attorney Today

An experienced family lawyer can help you not only during your divorce but also in the years following. At Davi Law Group, we can give you the legal advice you need to help your remarriage go smoothly, allowing you to focus on the positives and the strengthening of your relationships with your new family. Contact a Wheaton divorce lawyer for a free consultation at 630-504-0176.

...

Wheaton prenuptial agreement lawyerWhile a prenuptial agreement may not seem like the most romantic wedding gift, it is likely one of the most valuable. That is because it does not just protect you in the instance of divorce; it can also set the financial tone for your marriage and reduce the risk of arguments over money. With years of experience assisting engaged couples with their prenuptial agreements, our legal professionals have compiled a list of ten considerations to think about before signing your prenup.

Consider This

  1. More Than Just Money: Prenuptial agreements are not just for the rich and famous. Many couples, particularly millennials, use them to protect their intellectual rights to ideas, inventions, and artistic creations. Of course, not all ideas prove to be lucrative, but the point is that a prenuptial agreement protects your rights to these intangible assets (and any proceeds that may come from them).
  2. Timing is Everything: To effectively protect your assets in the event of a divorce, you will want to sign the prenuptial agreement sooner, rather than later. Sign too close to your wedding date and your spouse could have an argument for signing under duress, which would nullify the details of your prenup.
  3. You Need Your Own Counsel: Engaged couples often assume they can use the same attorney when drafting their prenup, but this is not the most beneficial for either you or your spouse. Just as you would have separate lawyers protecting your interests in a divorce, you should have your own attorney there to safeguard those same interests in your prenup.
  4. Premarital Assets Are Usually Off-Limits: When drafting a prenup, recognize that premarital assets are generally considered off-limits. In an Illinois divorce, premarital assets will be given back to the spouse who brought them into the marriage.
  5. Children Are Excluded: You cannot define parameters for children in a prenuptial agreement. The state requires all decisions regarding parenting plans and child support designations to be made in the best interests of the child at the time of the divorce, not at the time of the prenup.
  6. You Can Include Alimony Provisions: If alimony may be an issue in a potential divorce, you can address it in your prenuptial agreement. This can ensure that the receiving spouse is provided for, but that the amount awarded does not exceed what the payor can handle. You can also waive or exclude alimony in your prenuptial agreement, should that be the path you feel is most appropriate.
  7. ’Til Death Do You Part: Prenuptial agreements can even address sole-owned assets in the event of a death. Provisions may be set aside for other family members as well as the spouse.
  8. Honesty is the Best Policy: Be sure to provide full financial disclosure when drafting your prenuptial agreement. Failure to do so could cause it to be overturned in a divorce. Worse yet, you may be penalized for attempting to hide assets.
  9. Fairness is Important: In a divorce, marital assets are divided equitably—or fairly. Your prenuptial agreement should mirror this “fair” standpoint. Otherwise, it could be overthrown during your divorce.
  10. Fair Is Not the Same for Everyone: The term “fair” is subjective. What you deem fair may not seem fair to someone else, your spouse included. As such, it is important to base your prenuptial agreement on the circumstances of your marriage—not what everyone else says is fair.

Contact Our Wheaton Prenuptial Agreement Attorneys

If you are thinking of signing a prenuptial agreement before you marry, contact Davi Law Group, LLC. Our seasoned DuPage County divorce lawyers can protect your interests and help you navigate the process. Schedule your personalized consultation by calling 630-580-6373 today.

 

...

Illinois prenuptial agreement attorneysPrenuptial agreements are designed to minimize the risk of complications in a divorce, but this is not their only potential benefit. Used correctly, this legal document can also benefit a couple during their marriage. Get the details on how a prenup can benefit (and possibly even strengthen) your marriage, and discover how a seasoned family law attorney can help to smooth the conversation, should you decide to get one before you wed.

1. Prenups Can Bolster Your Marriage Against Money Issues 

Money is the second leading cause of divorce—and not just because one party has it and is trying to control it. Couples may earn close to the same amount but have wildly different views on how money should be spent or saved. As a result, they may argue incessantly over money, which can erode the foundation of their marriage. Alternatively, their financial goals may not align with one another, so the parties may work against one another instead of together toward a common goal. 

When creating a prenuptial agreement, couples typically discuss their financial habits and goals. This allows the parties to predict and potentially strategize against some of the financial issues that may arise over the course of their marriage. It also requires them to compromise and agree on some common financial goals. All this work, painful and stressful as it might seem, can bolster the marriage against money issues later on down the road. 

...

Wheaton family law attorneysWhether your wedding plans have been delayed by the virus or your big date is quickly approaching, now is the time to lay down financial plans and boundaries. One way to accomplish this is through a prenuptial agreement. Not just for the rich, this legal document can protect you in the event of a divorce, and encourage an open conversation about money management before you tie the knot. Still, there are some important mistakes to avoid when drafting your prenup. 

1. Being Afraid to Bring It Up

When it comes to romantic gestures, discussions about prenuptial agreements are likely the last thing to come to mind. You may even view such discussions as a threat to your impending marriage. Rest assured that a prenuptial agreement is unlikely to be the reason a would-be marriage ends. Instead, it is far more plausible to assume that the parties reached an impasse and realized they were financially incompatible. While such a discovery could be painful, it may also save you from years of heartache and a financially devastating divorce. 

Completing a prenup before your marriage could also protect your marriage from one the leading causes of divorce: arguments over financial matters. Unlike those who do not take the initiative to discuss money before marriage, you and your partner will have an agreement—a clear path to reach and achieve your agreed-upon financial goals. You will also have communicated through a highly complex document, which can further safeguard your marriage against a future divorce. 

...

Wheaton family law attorneysPrenuptial agreements are not just for the rich. Instead, there are several scenarios in which this legal document can protect the vested parties in a possible divorce. Learn more by checking out these six situations in which a prenuptial agreement may be in your best interest. 

1. When Either Party Has a Considerable Amount of Wealth

Possession of a considerable amount of wealth is one of the most common reasons that couples choose to enter into a prenuptial agreement before marriage. Entering into this legal agreement before marrying lets you clearly define the rules for how wealth will be distributed in the event of a divorce. This rule also applies if one party earns more than the other at their job. 

2. If Either Party Owns a Business

If either you or your spouse owns a business, you may want to consider a prenup before getting married. Not only can this legal document protect your business and allow for proper allocation of its assets in the event of a divorce, but it can also define parameters on business operations and liability during the course of your marriage. 

...

Naperville family law attorneysPrenuptial agreements often carry a negative connotation. Yet, when one examines the details of some of the nation’s biggest divorces, the importance of a prenup becomes clear. Millennials are starting to change the way that we see them (they are signing these documents at an unprecedented rate), but maybe more can be done to help people see them for the useful tool that they are. One financial expert recently suggested that couples use it as a financial planning tool. 

Step One: Consider Your Current Situation and Future Goals 

If you are considering a prenuptial agreement, chances are, you already know you will one day be successful in business or money. Perhaps you have a knack for sales and have just made stockbroker. Maybe you see just how hard your spouse is working in medical school, and you are certain that they will be a successful physician. In either case, you envision a future that involves at least some measure of wealth. 

Rather than simply let that vision go to waste, use it to create a vibrant picture of your financial future. Set goals and milestones for achieving certain tasks, such as paying off your student loan debt or purchasing your first commercial property. Now take it one step further and consider how you want to spend your money, day-to-day. Would you rather invest? Are you interested in procuring certain assets? Do you want to donate a certain percentage of your earnings to a charity each year or quarter? In short, attempt to consider every element of your future wealth and then use it as a framework to prepare for the next steps. 

...

Wheaton alimony lawyersData suggests that more couples are signing prenuptial agreements before getting married, which could be a good thing, as data suggests that couples are less likely to divorce when they have one in place. However, those that have one already may need to review their documents, come 2019. 

How the New Tax Law is Expected to Impact Existing Prenuptial Agreements 

The new tax law, set to go into effect on January 1, 2019, is expected to impact both married and divorcing couples in a significant way. For those going through a divorce, it may affect alimony payments—both in amount and how willing a party is to make them. It is this aspect of the new law that also affects prenuptial agreements. 

For the past 70 years, alimony payments have been tax-deductible for the payor and taxed as income for receivers. The new tax law eliminates this element of divorce law. Sadly, this change is expected to leave less money for the family, as a whole. Without the tax benefit, payers may have less discretionary spending money than their spouses. The courts have to balance this out by reducing the alimony payment amount, so even though the receiving party may not have to report the payments as taxable income, they may ultimately receive less money. Neither party benefits from this, unfortunately, but the change is inevitable. 

...

Illinois family law attorneysIf you signed a prenuptial agreement before the start of your marriage, you are among the small percentage of couples that decided to “insure” your assets against the devastating effects of a nasty divorce. However, a new tax law may now require you to reexamine (and potentially make changes to) your current agreement. Learn more in the following sections, including how our seasoned divorce lawyers can assist you with the process. 

How the New Tax Law May Affect the Provisions of Your Prenuptial Agreement 

If your prenuptial agreement includes a provision for alimony, you may need to reexamine it, as the new tax law changes how alimony is handled after a divorce. Though alimony was once considered a deduction that payers could claim to lower their tax load at the end of the year, it will become nothing more than an added expense in divorces that occur after December 31, 2018, as the new law eliminates it as a deduction. Since the paying spouse is typically in a higher tax bracket than the receiving spouse, this change may leave less money for the family unit.

Reexamining your prenuptial agreement can help you determine if alimony is still a useful tool in the event of a divorce. However, you will want to do this with the assistance of a seasoned family law attorney, as they typically have an in-depth understanding of how the law applies to prenuptial agreements and divorce. Moreover, an attorney can help you strategize other possible provisions that can better protect your assets if alimony is determined to be an unfavorable one. 

...

DuPage County prenuptial agreement lawyersCouples do not usually enter a marriage with the intention of someday divorcing, but statistics indicate that just a little under half of them do. It is that high rate of divorce (and the potential losses that may ensue because of one) that is causing many millennials to take preventative steps.  One of the most crucial is the drafting of a prenuptial agreement. Unfortunately, these documents cannot cover every aspect of your marriage, and there is always the risk that one (or all) of the terms will not hold up in court. Learn how to “bulletproof” your prenuptial agreement, and discover how a seasoned family law attorney can assist you with the process. 

Starting Your Marriage with Transparency

Honesty and transparency are the cornerstones of a healthy marriage, and a prenuptial agreement can help you incorporate these qualities into your marriage, early on. Of course, you can attempt to hide or inflate your wealth in a prenup, but it is never wise - and not just because it is dishonest or deceptive. By not disclosing any wealth you have, or by intentionally inflating it, you can completely void your prenuptial agreement. As a result, your document may not be honored in court, and you may lose even more of your assets through penalties from the court. Avoid this prenuptial agreement mistake by ensuring you are honest about all the assets you have and expect to earn in the future, and always be transparent with your spouse about losses and gains that occur over the course of your marriage. Also, ensure you avoid any inadvertent mistakes by talking to a lawyer about your assets prior to the creation of your prenup. 

...

Wheaton family law attorneysCouples do not typically enter a marriage with the intention of divorcing. Sadly, divorce is the path that nearly half of all couples will take. What causes them to head that direction, and how can you avoid meeting the same fate in your impending marriage? The following information examines the most common causes of divorce, as well as how to avoid them, and it explains how a seasoned family law attorney can use a prenuptial agreement to protect your finances before your marriage even starts. 

Fighting Dirty

No matter how much you love your spouse, you are not going to agree on everything. How you handle those disagreements could predict whether or not you will one day divorce. Name-calling, shaming, blaming, and other nasty fighting tactics can strip away the trust and give each of you the sense that you are no longer in a loving partnership. Over time, that can degrade your marriage to the point of divorce. If you notice that you and your spouse are starting to fight dirty, consider marriage counseling before things get worse. 

...

DuPage County family law attorney, getting marriedCongratulations are in order if you have recently gotten engaged and are embarking on the planning phase of your upcoming wedding. As you are preparing the guest list, booking a venue, and making arrangements for the reception, the legal aspects of your nuptials may be the furthest from your mind. However, there are some important tasks you need to address as your wedding day approaches—matters that can ensure you are getting your marriage off on the right foot. Discuss your specific circumstances with an Illinois prenuptial agreement attorney, and consider these “must-do’s” before the big day.

Apply for Your Marriage License

Before Illinois will recognize your marriage as legal, you will need to secure a marriage license from the county clerk’s office where you or your soon-to-be-spouse live. You must both appear before the clerk in order to obtain the license, and bring proof that you are 18 years or older; a driver’s license, state-issued ID, or birth certificate will be sufficient. If either of you were married before, you will need to supply the information on why and when the previous marriage ended (death, divorce, etc.).

...

prenuptial agreement, DuPage County prenuptial agreement attorneyA prenuptial agreement is probably the last thing you want to think about when you are planning a romantic wedding, but it is a smart approach for many couples starting a life together. A prenup is a way for couples to decide certain issues for themselves, rather than relying on divorce laws that may result in an unbalanced situation.

The common presumption is that prenuptial agreements are intended to protect the “richer” spouse, but there are a number of reasons why these agreements benefit both parties. Consult with a DuPage County prenuptial lawyer about how a prenup would work for you and your partner.

Bring Everything to the Table 

...

What Can We Include in an Illinois Prenuptial Agreement?If you are thinking about getting married and you and your spouse are considering signing a prenuptial agreement, you may be curious as to what you can and cannot include under Illinois law. Theoretically, you can put anything you want in there, but Illinois will only recognize the parts that they allow and, depending on the circumstances, going too far afield may call the entire document into question. If you are thinking about a prenuptial agreement you should talk to a skilled prenuptial agreement attorney to make sure that the agreement will be upheld and also that your rights are protected.

Illinois Law

Prenuptial agreements in Illinois are governed under the Illinois Uniform Premarital Agreement Act. Courts often prefer prenuptial agreements because it makes property division much easier.

...

DuPage County prenuptial agreement attorneys, prenuptial agreementCouples sign prenuptial agreements before marriage so they are able to determine, in advance, how assets will be divided if there is a divorce. The Illinois Uniform Premarital Agreement Act governs prenuptial agreements. Couples enter into prenuptial agreements assuming that the court will enforce them if there is a divorce. However, there are situations that make a prenuptial agreement, or some of the provisions in a prenup, invalid.

When preparing and signing a prenuptial agreement, it is important to have a knowledgeable prenuptial agreement attorney to ensure that you do not accidentally have your agreement invalidated in whole or in part. 

Duress

...

DuPage County matrimonial lawyers, prenuptial agreementA prenuptial agreement, known colloquially as a “prenup”, is a legal contract between a couple before they marry. In Illinois, prenuptial agreements are governed by The Illinois Uniform Premarital Agreement Act.

A prenuptial agreement will typically set up how current and future assets will be divided in the case of a divorce. Sometimes prenuptial agreements will set up penalties and bonuses to encourage or discourage certain behavior. For example, some prenuptial agreements will include language where one person will have to pay more to the other spouse if he or she performs or fails to perform a certain action.

Conversely, some prenuptial agreements will allocate more assets to a spouse after certain milestones, like having a child or after a certain number of years of marriage. If you are thinking about a prenuptial agreement it is crucial that you talk to an experienced family law attorney who can help you examine your specific situation. However, there are some factors that you may want to consider when you are considering a prenup.

...

DuPage County family law attorneys, legal aspects of marriageWhen a couple finally makes the decision to get married, they can get caught up in the romantic idea of living happily ever after. While this is normal, the couple should also think about the legal aspects of getting married.

There is an important legal process that must be followed and couples may want to think about other legal issues such as a prenuptial agreement. Thinking about these practical aspects of marriage is not very romantic, but it can help a couple talk through important issues that could result in divorce before the couple gets married.

The Marriage Process

...

DuPage County divorce attorneys, prenup is enforeablePrenuptial agreements, also known as prenups, constitute a special type of contract between prospective spouses. Prenups are different than other types of contracts, which are legal if there was a “meeting of the minds” when the contract was formed; specifically, prenups allow both parties to take a second look at the terms of the agreement. Yet what does this mean if you are considering signing a prenup? It means that your prenup has to be fair and reasonable at the time you need to use it—when you divorce. It is possible that at the time of enforcement a court could find an agreement to be invalid, even if the parties entered the agreement with full knowledge and consulted counsel. If you are divorcing and have a prenuptial agreement, it is important to consider the circumstances under which a court may find a prenuptial agreement invalid.

UPAA and Prenuptial Agreements in Illinois

Illinois has adopted the Uniform Premarital Agreement Act (UPAA). The UPAA establishes a set of guidelines that a court will use when deciding whether or not a prenuptial agreement is valid.

...

DuPage County family law attorney, deciding to get married, marriage and financesAvoiding Marriage Issues Related to Money

Relationships between couples flourish when communication is open and clear. Therefore, having a conversation about your financial future prior to marriage allows both parties to set realistic and reasonable expectations. Moreover, open communication about financial expectations lays the foundation for creating a budget and planning for the future.

However, sometimes people have different expectations regarding lifestyle and the spending of money.

...

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.

...
prenuptial agreementPremarital agreements, often call prenuptial agreements, are contracts entered into by two people planning to be married. Although the agreement does not take effect until marriage, it must be prepared and signed well in advance of the wedding. With the increasing prevalence of divorce, more and more couples are choosing to record their intentions in this way, especially if they are marrying later in life, when they have built up more assets, or if they have been married before and have children from a former union, whose inheritance they wish to keep intact.

The Elements of a Binding Premarital Agreement

Most premarital agreements spell out the assets and debts of the spouses-to-be, and set a plan for how property will be shared once they are married, and later, if they are separated through death or divorce. Often, a premarital agreement will address whether alimony or maintenance will be paid by either spouse in the event of a divorce.

Illinois has adopted the Uniform Premarital Agreement Act, which is the same across over 25 states. Under the Act, to be enforceable, an agreement must be in writing and signed by both parties. Although premarital agreements are generally allowed and upheld in Illinois courts, they can be overturned if the agreement was not entered into voluntarily, or if it was “unconscionable” when it was signed. If either spouse failed to disclose their property or financial obligations, the whole agreement could be rendered void.

...
Back to Top