In order to create the prenup each party is going to need to assemble a list of their income, assets, debts, and expenses. An agreed-upon list of issues is also going to help the lawyer who is going to negotiate and draft the prenup. Presumably the parties have discussed, at least in a general sense, […]
Prenuptial and Postnuptial Agreements
What’s the value in having a prenuptial or post-marital agreement in Illinois?
Looking at the cost benefit of a prenup, it’s immediately apparent that it’s a good investment for each party. It gives some much needed certainty to the relationship. If this marriage is going to end unsuccessfully, you know by simply pulling out the document what 80% or 90% of the issues are going to look […]
How does a post-marital agreement work?
A post-marital agreement is a document that can be supported without any consideration, so there doesn’t have to be anything given up in the process of entering into that. The legislature in Illinois encourages people, if they are able to peacefully resolve potential disputes, and to do so in writing, and it has to be […]
What is a premarital agreement?
It’s a document that’s entered into before the marriage by the parties before they celebrate the nuptials, and is then effective upon their marriage. The timing is significant. Presumably there are few, if any, major disputes between the parties at the time, or a few months before the marriage. Nothing has really had an opportunity […]
What difference do prenuptial agreements make in a divorce?
A prenuptial agreement is entered into before the marriage and generally protects your premarital assets and can ensure that certain property is deemed exempt from equitable distribution and address other financial terms. If you are a part owner of a family business, a prenup can specify that this asset is protected from asset division. The […]
How do you determine if you should get a prenuptial agreement?
Does a prenuptial agreement override normal property division rules?
It certainly can, but the factors that the court takes into account in dividing the marital estate really don’t apply if the parties have agreed before their marriage how that estate is to be divided in the event something goes wrong with the relationship. There are all different kinds of provisions that are agreed to […]
If one spouse owns a business, how can he or she protect the company during divorce?
This is a two part question and so I’ll take it as a two pronged answer. And first I’ll look as it pertains to protecting the business financially, this again depends on the facts specific to the case. As you can see, family law is a very fact specific driven type of law. Everything needs […]
What is a postnuptial agreement and when is it too late to get one?
Postnuptial agreements are very similar to prenuptial agreements but the key difference is that the parties are agreeing to enter into a postnuptial agreement and (agree and set them out) after they have already been married. The time when a postnuptial agreement would be too late is once the divorce has already been finalized. Postnuptial […]
If someone signed a prenuptial agreement, is there any way of getting it set aside during divorce?
There can be. Prenuptial agreements can be set aside if the party seeking to do so can prove that the prenuptial agreement is invalid for some reason. Again, this is a very fact-specific driven case and circumstance. Facts that can invalidate a prenuptial agreement are as follows: that it was signed under duress, one of […]
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