Premarital Agreement Attorney In Chicago

Premarital Agreement Attorney In Chicago

While premarital agreements may have something of a bad reputation, they are actually nothing more than legal contracts created prior to marriage and executed upon marriage that can help smooth the path toward divorce when marriages do end. Because divorce is always a possibility, premarital contracts are gaining in popularity – without increasing the divorce rate. If you have questions or concerns about a premarital agreement, don’t wait to consult with an experienced premarital agreement attorney in Chicago.

Premarital Agreements

In Illinois, premarital agreements – often called prenuptial agreements – set the parameters for how couples will handle financial terms, such as the division of marital property and alimony – in the event their marriages end in divorce. Prenuptial agreements, however, can also play an important role in protecting the inheritance rights of children that either parent brings to a marriage with them. Premarital agreements are created in advance of a couple’s marriage, and they don’t go into effect until the couple does marry. If there is no marriage, the premarital agreement has no bearing. 

Creating An Enforceable Premarital Agreement

Premarital agreements are generally enforceable as long as all the following are true:

• The contract is in writing and is signed by both parties.
• Neither party was coerced into signing – the less time there is between the prenup’s creation and the marriage, the more likely the court is to consider the issue of coercion.
• Both parties enter the contract with full knowledge of the relevant financial facts.
• The contract does not unfairly favor either party. 
• The outcome of the prenuptial agreement doesn’t leave one party on public assistance.

Terms That Can Be Addressed

Generally, your premarital agreement can address any financial concern you’d like it to, including:

• The matter of separate assets retaining their separate nature
• How your marital assets will be divided upon divorce
• The issue of alimony, including its amount and duration
• Inheritance rights in the event of a spouse’s death

Terms That Cannot Be Addressed

Just as there are terms that are routinely addressed in premarital agreements, there are also terms that cannot be included. In fact, their inclusion could nullify the entire contract. Consider the following:

• Parental responsibilities and parenting time – or legal and physical custody – must be addressed in relation to the children’s best interests at the time of divorce and, as a result, cannot be predetermined.
• Child support must be calculated in accordance with state guidelines at the time of divorce, and only if the terms included in the premarital agreement exceed the state’s requirements will they be honored.  

Turn To An Experienced Premarital Agreement Attorney In Chicago For The Help You Need

A premarital agreement can provide you with the peace of mind that comes from knowing how financial matters would be resolved if your marriage did end in divorce, which can acquire you the space you need to focus on your marriage. The seasoned premarital agreement attorneys at WARD FAMILY LAW in Chicago are standing by to skillfully address your concerns and questions, so please don’t hesitate to contact us today.