Chicago Pre & Postnuptial Agreement Lawyer
When you think of prenuptial agreements, you may think of a legal document that only rich couples would use before they get married. While wealthy people are more likely to use prenups, anyone can use one to protect their assets. There are no limitations based on wealth.
Prenuptial agreements are often seen as cold and heartless. Who discusses divorce before they’re even married? However, you may have seen that many celebrities have lost millions of dollars in divorces because they failed to get a prenuptial agreement. So they’re used as a form of protection, and let’s face it, a marriage is like a business deal.
You may be hesitant about getting a prenup, but by getting one, your assets will be protected should your marriage end in divorce. Think about your future. Contact a Chicago prenup & postnup agreements lawyer from Arnoux Sharma Standeford, LLC to see if a prenup is right for you.
What Does a Prenuptial Agreement Do?
A prenuptial agreement serves as a legal contract between the spouses. It can be used to make decisions about what will happen in the event of a divorce. For example, how will assets be split? Which assets do each party get to keep? Will there be alimony?
A prenup allows you to address obligations from a prior marriage, as well as protect your financial independence. Plus, if you do end up divorcing, it will make things easier. There will be less conflict and uncertainty because everything will be outlined in the prenuptial agreement.
What Are the Requirements?
A prenuptial agreement must be in writing and signed by both spouses in order for it to be valid. It can address most marriage issues except for child custody and support, as those topics are handled under state law. However, it can address property rights, division of property, alimony, wills and trusts, and life insurance benefits.
If the prenuptial agreement is drafted correctly, it will be enforceable in Illinois courts. However, there are a couple ways in which it can be invalid:
- The prenup was not signed voluntarily. The spouse may have been forced to sign the prenup or under duress.
- The agreement was grossly unfair to one party. A prenup must be fair and both parties must disclose all their assets before signing the agreement. Full financial disclosure includes discussing earned income, all property owned, and any debts that either party owes.
- The prenup forces one party to face undue hardship. This may occur when one party has significant assets and waives alimony to the other.
Contact Arnoux Sharma Standeford, LLC Today
A prenuptial agreement can be used by any couple in any financial situation to protect their assets in the event of a divorce. Is it appropriate for your situation?
Getting married? The experienced lawyers at Arnoux Sharma Standeford, LLC can help you draft a prenuptial agreement that fits your needs. Protect what’s yours. Schedule a consultation with a Chicago prenuptial agreements attorney by calling (312) 863-2800 or filling out the online form.
Chicago Postnuptial Agreements Lawyer
You may have heard of prenuptial agreements, so what is a postnuptial agreement and how does it work? A postnuptial agreement works just like a prenuptial agreement. The only difference is when it is drafted. A postnup is drafted during the marriage, not before it occurs, like a prenuptial agreement.
While postnuptial agreements are mostly about money, they may also contain provisions dictating marital conduct, such as chores, fidelity, and dealing with families. Sometimes they are used to get a marriage back on track, such as in cases where one spouse has been reckless with finances. But in many cases, couples may think about a postnuptial agreement when a significant asset comes into play, such as an inheritance or a business.
Postnuptial agreements are becoming more common, since more and more states are recognizing them. But do you need one? Not necessarily. A Chicago postnuptial agreements lawyer from Arnoux Sharma Standeford, LLC can assess your situation and address your concerns.
Should I Get a Postnuptial Agreement?
But the question is: should you get a postnuptial agreement? If you and your partner both have few assets, then getting one may not make sense. However, there are a few situations in which a postnup might be in your best interest:
- At least one spouse is wealthy. If one or both spouses are in the marriage with significant assets at stake, a postnuptial agreement makes sense. Because Illinois has equitable distribution laws when it comes to property division, the wealthy spouse could stand to lose a significant amount of money in a divorce. A postnuptial agreement allows the wealthy spouse to keep what’s theirs.
- There’s a business involved. If you start a business during your marriage, a postnuptial agreement can protect it. This can be highly beneficial in a divorce, since splitting a business can be time-consuming and costly.
- You have children from a previous relationship. If you die while married, your spouse could inherit everything, leaving your children with nothing. A postnup can protect your children’s inheritance.
- You plan to receive an inheritance. Inheritances are generally separate property. However, it’s easy for inheritance money to get commingled in a marriage and when this happens, the other spouse has the right to get a fair share of that inheritance money in a divorce. A postnuptial agreement can protect it and make sure it stays in your hands.
Contact Arnoux Sharma Standeford, LLC Today
A postnuptial agreement can be used for many reasons, but they’re a good way to protect what’s yours if you failed to get a prenup before you got married. It outlines who gets what and prevents nasty divorce battles.
If you’re already married, it’s not too late to get an agreement. The team at Arnoux Sharma Standeford, LLC can help you draft a postnuptial agreement that fits your needs. To schedule a consultation with a Chicago postnuptial agreements attorney, fill out the online form or call (312) 863-2800.