Category Archives: Prenuptial Agreements

Is It Time to Update Your Prenuptial Agreement?A prenuptial agreement is a useful document to have in the unfortunate event that you ever decide to divorce. With all of the turmoil in a divorce, it can be a relief to have some of the negotiation work already complete. However, a prenup should not be a static agreement that you do not examine unless a divorce occurs. Your financial means and needs have changed since your marriage began. At worst, you may discover that your agreement is obsolete once it comes time to use it. You should periodically check your prenuptial agreement during your marriage and update it if necessary.

Division of Property

A prenuptial agreement can list which items will be included in your division of marital property and who will receive them. Many of the properties listed in your original prenuptial agreement are nonmarital properties because you owned them before your marriage. When modifying your agreement you can:

  • Add major properties that you have accumulated since the start of your marriage;
  • Remove properties that you no longer own; and
  • Update the value of the properties that were already in the agreement.

For instance, it is common for a spouse’s business to increase in value since the time when they created the agreement. The division of property in the agreement may now be unbalanced because of that change in value. The spouses can renegotiate whether they will share ownership of the business if they divorce or agree to give the other spouse more properties as compensation.

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Kane County family law attorney, prenups, prenuptial agreements, marriage trends, marital agreement, marriage prenup, postnuptial agreementThe number of couples entering into prenuptial agreements is trending upward in the United States. That trend correlates with consistently high divorce rates and a growing societal acceptance of such agreements. A 2010 poll revealed that 44 percent of single and 49 percent of divorced Americans believe in prenuptial agreements (colloquially known as prenups). Moreover, among the divorced, 15 percent regret not having one.

Acceptance of prenuptial agreements is spreading across cultures. For example, while prenups are not formally recognized in England or Wales, that might soon change. Divorce lawyers in those countries have reported that their clients are increasingly expressing interest in prenups. Furthermore, a government adviser recently recommended introducing a marital agreement form as part of a divorce system overhaul.

How to Execute a Prenuptial or Postnuptial Agreement

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Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

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Naperville IL 60563

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Wheaton, IL 60187

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