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Posted on in Premarital Agreement

marriage IMAGEMarriage can be a very joyous time in the life of a couple, but it can also be an extremely stressful experience as well. There are often hundreds of decisions to consider, details to be addressed, and legal hurdles to overcome. Future couples have to address certain legal issues, such as the marriage certificate, and the determination that the future marriage is not void for any number of reasons. There is one aspect though, which couples often do not want to address: a prenuptial agreement. Considering a prenuptial agreement now can save time and inconvenience in the future.

The Prenuptial Agreement

In Illinois, 750 ILCS 10/ establishes the Illinois Uniform Premarital Agreement Act. A prenuptial agreement is your opportunity to define rights in the event of divorce or separation, and to identify your rights in the event of an untimely death. For many, acting prior to the marriage to secure these rights will promote more open discussions and full disclosure between the parties.

TheresaAccording to a report by News One, NBA icon Michael Jordan is ready to tie the knot again. He recently sent out wedding invitations for his April 27th wedding to fiancée Yvette Prieto. The invitation came with stipulations and so does the marriage itself. Guests who received the invitations also received a card that asked that they do not speak with any member of the media and that they do not divulge details of the ceremony to anyone. They are also asked to leave their cameras and phones at home because they do not want any photos taken or info sent out over social media outlets. In 2006, Michael divorced his then wife Juanita Vanoy Jordan who walked away with a $168 million settlement, the house and the kids. He apparently has asked that his new wife to be to sign a prenuptial agreement that protect him from losing his shirt in case the marriage to his 33 year old girlfriend doesn’t work out. The prenup states that they will both retain any assets that they bring into the marriage. It also states that in the event of a divorce, Prieto will walk away with a generous $1 million for every year she spends in the marriage. In addition, if the marriage lasts over 10 years, she will be given an even more generous $5 million settlement for every year of marriage to Jordan. Sources state that Prieto was reported as saying that she feels very good about her relationship with Jordan. They have reportedly been together since 2009. If you are contemplating marriage and are bringing a large amount of assets into the marriage, the smart thing to do is to have a qualified Illinois divorce attorney assist you in drafting a prenuptial agreement that will protect your finances in the case of a divorce.
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