Elmhurst, Illinois Prenuptial and Postnuptial Agreement Lawyers
Helping Those Who Require Marital Agreements in Elmhust, Park Ridge, and Throughout the Chicago Area
If you ask an Illinois attorney the question, “Who needs a prenuptial agreement?” you might be surprised to find that a very large percentage would answer, “Everyone.” While many people tend to look at a prenuptial or premarital agreement as being something only those with extremely high levels of assets require, in fact, a well-constructed prenuptial agreement can be beneficial for a variety of couples considering marriage. Unfortunately, divorce happens to be fairly commonplace in today’s society, meaning there is a corresponding increase in second and third marriages. Many of these second and third marriages are comprised of mature people with children from prior marriages and a much larger accumulation of assets than young people getting married for the first time.
Insurance for the Future
A prenuptial agreement (or premarital agreement) is a document that allows a couple to plan their future with a bit more security and predictability. Some people feel a prenuptial agreement serves only to undermine the very vows of marriage, yet such an agreement should be looked at no differently than insurance. The average person purchases home insurance, car insurance, health insurance, and life insurance, and he or she makes regular payments on all these types of insurance for protection, for the “just in case.”
A prenuptial agreement or premarital agreement affords protection to both parties in the event a divorce becomes inevitable. If a couple decides to enter a postnuptial agreement after the date of their marriage, the same goals can be accomplished at that time. The attorneys at Weiss-Kunz & Oliver, LLC have experience helping those who require a prenuptial or postnuptial agreement. We believe strongly in the benefits associated with such agreements and will ensure your rights are completely protected should the need arise. We also understand that having a conversation with your partner about entering into a prenuptial agreement may be uncomfortable or scary. We can assist you in opening the door to this conversation and lessening the stress or anxiety that may come with broaching this topic with your loved one.
What Are the Typical Goals of a Prenuptial Agreement?
A common objective in preparing a prenuptial agreement is giving property to children of a prior marriage. While the divorce laws of Illinois have a clear definition of what constitutes marital property, spouses may agree to their own characterization designating specific assets as marital or non-marital. As an example, if one spouse brings a home from a prior marriage to the current marriage, he or she may want to ensure this home goes to the children of the first marriage, who may have grown up in the house.
Properties can be identified, through a prenuptial or postnuptial agreement, as either marital or non-marital property. A prenuptial or postnuptial agreement can also make agreements related to spousal support, and can even add in specific time limits. For example, if the couple divorces within five years, the husband will pay the sum of $500,000, but if they divorce within ten years, the husband will pay $1 million.)
Another common factor for a premarital agreement is the issue of spousal support, also known as maintenance and alimony. Before you agree to let your partner stay home and raise your children, taking them out of the workforce and making them dependent on your finances, you may want to agree on how alimony will be paid to them in the event of a divorce. Likewise, before you give up your career, ask yourself how protected you are in the event of a divorce. The attorneys at Weiss-Kunz & Oliver, LLC can help you look at these different possible outcomes you may not be thinking about yourself.
Attorney Maxine Weiss Kunz brings the benefit of working for one of the top family law firms to the table on behalf of her clients. She is a Super Lawyers Rising Star and has a 10.0 rating on Avvo, all of which are bonuses to her firm’s clients.
Is an Attorney Necessary When Preparing a Marital Agreement?
Prenuptial agreements become effective upon marriage, and while an attorney is not legally required, when asked to invalidate a prenuptial or postnuptial agreement the judge will consider whether the disadvantaged spouse had adequate legal counsel prior to signing the agreement. In cases where one spouse lacked legal representation or was not informed of his or her right to consult an attorney, there is a much greater likelihood the agreement can be declared invalid. Entering into a postnuptial agreement is between spouses after marriage, but before divorce, taking into consideration potential future events and property interests which may arise. You should also have legal counsel before entering into a postnuptial agreement. Contact a Weiss-Kunz & Oliver, LLC attorney today to discuss your circumstances.