110 E. Schiller Street, Suite 320, Elmhurst, IL 60126

Weiss-Kunz & Oliver, LLC312-605-4041

CHICAGO
 ⚫ PARK RIDGE
 ⚫ ELMHURST -

Illinois divorce attorney, Illinois family lawyer, IL child custody lawyerWhen a couple decides to get married, they usually agree to share what they own. If the marriage were to end in divorce, the marital estate is divided under the equitable distribution doctrine. Unlike community property states, which divide the couple's assets in a 50/50 division, Illinois law says the couple's assets need to be divided equitably based on certain factors. Some of these factors include:

  • How long the couple was married
  • Each spouse's contribution to the marital estate
  • The value of the assets
  • What each spouse's financial circumstances will be after the divorce
  • Tax implications
  • Whether spousal support will be paid
One factor that usually supersedes all other factors is whether the couple had a valid prenuptial agreement. A prenuptial agreement is a legal contract entered into by the couple prior to the marriage which stipulates how assets and property will be divided in the event the couple divorces. The agreement can also address any outstanding debt the couple has and spousal support/maintenance. Although it is recommended that every couple draw up a prenuptial agreement before the wedding, many couples choose not to. The good news for those couples is that Illinois law also recognizes postnuptial agreements. Postnuptial agreements address the same terms and/or issues that prenuptial agreements do. The only difference is that the agreement is entered into at some point after the couple has married.

Reasons Why Married Couples Choose to Sign a Postnuptial Agreement

In certain marital situations, signing a postnuptial agreement is highly recommended. Typically, postnuptial agreements are established because of the following:

...

postnuptial agreement, Elmhurst Family Law AttorneyTypically, when spouses decide to enter into a prenuptial (before marriage) or postnuptial (after marriage) agreement, the question is not whether an agreement is necessary or useful, but whether the agreement is drafted with your best interests in mind. A prenup or postnup is only an efficient tool when it supports your needs and protects your rights— otherwise, you are at risk for wasting a lot of time, energy, and money.

Ensuring a Successful Marital Agreement

Regardless of the type of marital agreement you decide to pursue, ensuring it is a successful one is paramount. The draft you create will determine your lifestyle in the event your marriage takes a turn for the worst, so the boundaries you establish in your agreement hold a significant amount of power. Ask the following questions when determining whether or not your pre or postnup will serve your best interests:

...

illinois-prenuptial-agreementThere is an assumption by many that premarital agreements, more commonly known as prenuptial agreements, are only necessary for the extremely wealthy, to preserve a inheritance, or for second marriages. This is not accurate. Especially with the new guideline maintenance laws coming into effect, premarital agreements are extremely important to protect against high maintenance (also known as alimony or spousal support) awards that could end up prejudicing the payor.

For example, starting in January 2015, if a court determines that an award of alimony is appropriate in your case, a husband or wife earning under $250,000 dollars per year could be liable for maintenance to their soon to be ex-spouse for 15 years or more. You could be liable for permanent maintenance. If your spouse does not work, you may end up paying them as much as 40% of your income. This is where a premarital agreement can protect you.

In a premarital agreement, you can create your own alimony guidelines. You can even bar the right of a spouse to receive maintenance under the right circumstances.

...
bbb cba dcba isba lcba lod super lawyers 10 best asla collaborative expertise
Facebook Twitter
Search
Back to Top