Calabrese Associates, P.C.

Call Us630-393-3111

4200 Cantera Drive, Suite 200 | Warrenville, IL 60555

Subscribe to this list via RSS Blog posts tagged in premarital agreement

dupage county prenuptial agreement lawyerIn many cases, couples who are planning to get married may be considering whether they will need the protection of a prenuptial agreement. A prenup can be beneficial in many situations, including cases where one or both spouses own significant assets or have children from a previous relationship. By entering into an agreement that decides how certain issues will be handled if their marriage ends in divorce, a couple can avoid uncertainty, minimize potential disputes, and provide themselves with financial protection. When creating a prenup, it is important to understand how matters related to spousal maintenance (also known as alimony or spousal support) may be addressed.

Modifying or Waiving the Right to Spousal Support in a Prenup

Under Illinois law, a person may have the right to receive financial support from their former spouse if there is a significant disparity between the parties’ incomes. During a divorce, a spouse may ask that spousal maintenance be awarded, and the judge in their case may consider multiple factors to determine whether this type of support would be appropriate. If maintenance is granted, statutory formulas will be used to calculate the amount that will be paid and the duration that these payments will last.

In a prenuptial agreement, a couple may decide ahead of time whether spousal support will be paid, eliminating the need to ask a judge to settle this issue at the time of divorce. A prenup may state that both spouses will waive the right to receive maintenance, or it may specify that one party will receive a certain amount of spousal support for a certain duration. Conditions may be placed on whether maintenance will be paid. For example, the prenuptial agreement may eliminate the right to support if a spouse commits infidelity or only require maintenance if a spouse earns a certain amount of money.

...

DuPage County family law attorneyIn many modern marriages, prenuptial agreements are used to provide spouses with protection and make decisions about how certain issues will be addressed if the couple chooses to get a divorce. A prenup can make sure spouses can continue to own certain types of property after their divorce, or it can decide whether a spouse will receive spousal maintenance. A properly executed prenuptial agreement can help spouses avoid uncertainty during their divorce and make sure their financial interests will be protected. However, if disputes arise about the terms of a prenup, spouses should be aware that there are certain issues that may cause an agreement to be invalid.

Enforceability of Prenuptial Agreements

When a couple signs a prenup before getting married, this indicates that they both understand the terms of the agreement and are satisfied with the decisions made. However, disputes can sometimes arise during a divorce in which a spouse may claim that the agreement should not be enforced. When these types of disputes are addressed through litigation, there are only a few reasons why a prenup may be found to be invalid. These include:

  • The agreement was not executed correctly - Both parties must sign a prenuptial agreement before getting married. If one spouse did not sign the agreement, or if it was signed after the date of the couple’s marriage, it may not be valid.

    ...

Naperville prenuptial agreement attorneyIn most cases, marriage is meant to be a permanent partnership, and a couple will plan to stay together for the rest of their lives. However, it is important to remember that a significant percentage of marriages end in divorce. While the actual divorce rate in the United States is difficult to determine accurately, it is generally considered to be between 40 and 50%. Even though it may be unpleasant to contemplate, recognizing the distinct possibility that your marriage may end in the future can help you consider how you want certain issues to be handled in a potential divorce.

By discussing these matters with your partner before you get married, you can determine whether a prenuptial agreement is right for you. This type of legal agreement can provide both of you with reassurance that you will have the financial resources you need if your marriage ends, and by making decisions now, you can take some of the uncertainty and conflict out of the divorce process. A prenup can also include provisions to ensure that certain assets will be given to your children, or it can be used to protect a business that you or your partner own from being negatively affected by a divorce.

Terms of a Prenuptial Agreement

A prenup will usually focus on financial matters related to the property owned by you or your partner, the assets you acquire during your marriage, and the income that each of you earns. You can specify how property will be divided or allocated if you get divorced or separated, if one spouse dies, or in the case of many other events that you may specify. Your prenup can also include terms detailing each spouse’s rights and responsibilities toward different assets during your marriage, including the right to buy, sell, use, manage, exchange, or lease property.

...

How to Encourage Your Fiance to Enter Into a Prenuptial AgreementThere are situations where creating a prenuptial agreement is both prudent and necessary. For instance, you may have significant premarital assets that could potentially become entangled with your marital assets. A prenuptial agreement would clearly identify the properties that belong to you in the event of a divorce. However, asking your fiance for a prenup can be uncomfortable. If you ask in the wrong way, you risk damaging your relationship and possibly endangering your marriage. To avoid a negative reaction, you should discuss getting a prenuptial agreement in a way that allows your fiance to feel comfortable and in control of the process.

Start the Conversation Early

You can broach the subject of getting a prenuptial agreement before you get engaged, letting your partner know that it is something you are considering. That way, your fiance should not be caught off guard when you talk about it after your engagement. Ideally, you want to negotiate and complete the agreement months before your wedding. There are several reasons why a last-minute prenup is a terrible idea:

  • Your fiance may feel like you are pressuring them if you ask for a prenuptial agreement only a few weeks before the wedding.
  • A divorce court may later find your agreement to be invalid if your spouse claims they signed it under duress.
  • Your fiance needs time to consider your request and find their own legal representation.
  • The weeks leading up to a wedding are already hectic and stressful without adding the need to negotiate a prenuptial agreement.

Make It a Collaborative Effort

Though you may have a greater interest in creating a prenuptial agreement, your fiance needs to feel like an equal partner in the process. This starts with being honest about why you want a prenup and explaining how the agreement could benefit you both. Encourage your fiance to hire their own family law attorney to make sure they have someone who is representing them throughout the process. Conduct the negotiations in a way that gives your fiance an equal voice in deciding on terms of the agreement. Creating a prenuptial agreement together can be practice for how you will collaborate when you are married.

...

Seven Tips for Discussing a Prenuptial Agreement With Your Future SpouseCreating a prenuptial agreement can be a pragmatic step for a marrying couple. Marriages can end prematurely, either due to divorce or sudden death. A prenuptial agreement allows spouses to determine:

  • How property and debt will be divided;
  • Whether one spouse needs to pay alimony; and
  • Other matters that are not related to children.

You may see the logic in suggesting a prenuptial agreement, but discussing it can be emotionally awkward. How do you talk to your future spouse about being prepared in case your marriage fails? There are tactful and sensitive ways to start the conversation.

  1. Pick the Right Time: Plan to first mention getting a prenuptial agreement when you know you will both be calm and capable of having a long discussion. If your fiancé is tired or in a bad mood, the discussion is more likely to devolve into an argument.
  2. Broach the Topic Gently: Do not start with a demanding statement, such as “I want to get a prenup.” Frame the topic as a practical conversation about the benefits of having an agreement.
  3. Be Honest: Explain the reasons you want to have a prenuptial agreement. If you are concerned about the financial disparity between you and your future spouse, be upfront about it. Your future spouse is less likely to agree if he or she is wondering about your motives.
  4. Be Reassuring: Let your fiancé know that you are not suggesting a prenuptial agreement because you expect to get divorced. Tell him or her that the agreement is a practical document, similar to a will, that can protect both of you.
  5. Engage in a Conversation: Encourage your fiancé to participate in the discussion with his or her thoughts, questions and concerns. You may have a speech planned about why you want a prenuptial agreement, but be willing to stop talking and listen to your fiancé. If your fiancé is not talking, you may need to be the one asking questions to keep him or her engaged.
  6. Keep Calm: Try not to let your emotions lead the conversation. If you become angry, you cannot effectively discuss the topic, and your fiancé may feel poisoned to the idea of getting a prenuptial agreement.
  7. Know When to Stop: Be prepared to have multiple conversations about getting a prenuptial agreement. If you think the discussion is becoming an argument, it may be best to pause and start the discussion again at a future date.

Getting a Prenup

...
Back to Top