While premarital agreements are often cast in a bad light, they are actually gaining in popularity as a result of their ability to take the guesswork out of how one’s financial rights will fare in the event of divorce. In fact, although premarital agreements are on the rise, divorces are not. Many married couples find that taking the question mark out of what a divorce would mean to them helps them focus on their marriage. If you are facing questions or concerns related to a premarital agreement, it’s time to consult with an experienced premarital agreement lawyer in Chicago.
A premarital agreement is nothing more than a contract that guides how certain terms of divorce will be resolved in the event that the marriage does end in divorce. These contracts are created and signed prior to marriage but don’t go into effect until the couple marries – and if there is no marriage, the agreement has no legal impact.
In order for your premarital agreement to be binding, it must be valid, which means that all of the following must apply:
Premarital agreements generally focus on financial concerns such as the division of marital property and the matter of alimony, which often become contentious in the course of a divorce. Premarital agreements also allow spouses who already have children to protect their inheritance rights – ensuring that they’ll inherit in accordance with their parent’s wishes when the time comes. For reasons like this, premarital agreements are especially common among people who are marrying for the second time.
Premarital agreements shouldn’t include terms related to parental responsibilities, decision-making and parenting time because this primary issue must be resolved in accordance with your children’s best interests at the time of divorce, which are impossible to know ahead of time. Child support terms that are included in your premarital agreement will not prevail unless they exceed the amount that the state would require in your case.
Instead of considering a premarital agreement as a blight on your marriage, think of it as an opportunity to protect your financial rights while allowing you and your spouse to grow as a couple. The accomplished premarital agreement attorneys at WARD FAMILY LAW in Chicago bring their impressive legal skill and experience to every case they handle, and they’re here for you, too. To learn more, please don’t hesitate to contact us today.
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