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Kane County family law attorneyIn today’s world, prenuptial agreements are increasingly common, as people are waiting until they are older to get married for the first time, which also means that they are likely to have accumulated significant assets before they are married. Nobody wants to think about the prospect of divorce, especially before you are even married, but a prenuptial agreement can be greatly beneficial if you and your spouse do eventually decide to call it quits. A prenuptial agreement can help you and your spouse determine the majority of your financial and property division issues with little resistance. Even though a prenuptial agreement is a legal contract, it is not set in stone and can be challenged if you believe the agreement is unfair in some way.

Challenging Your Prenup

As a legally-binding agreement, a prenuptial agreement is also legally enforceable. This means that you must abide by the terms of your prenuptial agreement unless the agreement or portions of the agreement are invalidated. If you feel as if your prenuptial agreement is invalid or unfair, you have the right to ask the court to hear your case. The judge will not simply invalidate a prenuptial agreement because you do not like the terms of the agreement anymore. You must prove that there is a legitimate reason for the invalidation of a section or the entire agreement. Common reasons that a judge may invalidate a prenuptial agreement include:

  • The agreement was disproportionately favorable toward one spouse.

St. Charles IL prenuptial agreement lawyerMany people are familiar with prenuptial agreements—or prenups—and the pros and cons associated with them. However, what most do not know is that they can actually be quite complex and address much more than standard asset division. They are also not as ironclad as popular culture paints them to be. It is imperative that before you enter into a prenuptial agreement, you have a good understanding of exactly how they work.

What to Include and Leave Out

Among the primary reasons that couples choose to enter into a prenup are to protect one spouse from the consequences of the other’s debt, or to ensure that provisions are made for the children of a previous marriage. Inheritance laws in most states do not differentiate between the children of a current marriage or a previous relationship, so if there was a promise to, for example, save a personal item for a child of one’s first marriage, it can be advantageous to note that in a prenup. Prenuptial agreements are legally binding, unless it can be proved that the agreement is unenforceable.

With this rationale for entering into a prenup, it is perhaps not surprising that prenuptial agreements, at their most basic, are about money. The provisions you include should almost exclusively deal with financial matters. A prenup is not the place to discuss future child custody or who should take the trash out every day. While asset division is usually thought to fall under the area of divorce law, earmarking certain items in a prenup is perfectly legal and will help to control the situation if there is a question of inheritance. It is also important to note that Illinois and the other states that have ratified the Uniform Premarital Agreement Act (UPAA) explicitly ban any provisions being made for child support in the event of divorce, but they do permit most provisions regarding spousal support to stand. 

Posted on in Premarital Agreement

Determining If You Need a Premarital AgreementFor all of the work that goes into creating a premarital agreement, you want to feel assured that your effort was worthwhile. Premarital agreements settle the same division of property issues as a divorce, which requires accounting for your individual properties and debts. You may feel uncomfortable discussing the possibility of divorce before you have married. Not every marriage needs a premarital agreement. However, you should weigh the potential benefits of an agreement before dismissing the idea because it is at least worth a discussion.

Financial Protection

A premarital agreement is most useful when the parties own several properties from before their marriage. In the agreement, you can:

  • Differentiate between marital and nonmarital properties; and
  • Determine which marital properties you will receive in case of a divorce.

The agreement will protect your ownership of key assets, such as your business interests and retirement benefits. An agreement can still be useful if you have not accumulated many premarital assets. Your spouse may have premarital debts, such as student loans, which you may share responsibility for during your marriage. A premarital agreement can separate the debts you are each liable for in case of divorce.

What to Consider When Making a Premarital AgreementCreating a premarital agreement is negotiating aspects of your divorce before you get married. If you have been through a divorce before, you remember how complex those negotiations were. If this is your first marriage, the process may seem overwhelming and intimidating. When thinking about your premarital agreement, it helps to remember its purpose. You and your future spouse are determining how your properties would be divided in a theoretical divorce without the animosity of the divorce clouding your judgment. When making a premarital agreement, you should anticipate financial decisions that would need to be made during a divorce.

Premarital Properties

If you divorce, your properties would be classified as either marital or nonmarital. Your marital properties would be divided equitably between the two of you, while you would keep all of your nonmarital property. Distinguishing between marital and nonmarital property becomes more difficult when spouses have been married for several years. The clearest distinction is which properties were purchased before the marriage. Your premarital agreement can identify and protect your nonmarital assets, such as:

More Millennials Getting Prenuptial AgreementsA recent American Academy of Matrimonial Lawyers survey claims that a growing number of millennials are creating prenuptial agreements before getting married. According to the survey, 51 percent of attorneys are seeing an increase in premarital agreements by millennials, who are generally defined as people born in the 1980s and 1990s. There are numerous ways that a prenuptial agreement can benefit couples during a potential divorce, including:

Prenuptial agreements have grown more popular for couples of all ages in recent years, but researchers are particularly interested by the increase among younger couples. There are several possible reasons why millennials are embracing prenuptial agreements.

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