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Subscribe to this list via RSS Blog posts tagged in Illinois prenuptial agreement

Naperville family law attorneysIf you are getting married at a point in your life when you already have significant assets or children from a previous marriage, a prenuptial agreement can provide you with important protections in the event your marriage fails. However, the hardest part of getting a prenuptial agreement may be raising the subject with your partner in the first place. You can make the conversation easier if you are careful about how you approach it.

Tips for Talking About a Prenuptial Agreement

If you are not careful, your partner may view your request for a prenuptial agreement as a sign that you do not trust him or her, or that you expect the marriage to fail. In order to assuage these fears, here are some suggestions that can lead to a more positive discussion.

  • Include your request in a larger conversation about finances. Marriage means that you and your spouse will share at least some financial assets and debts, so it is in the best interest of any couple to discuss finances openly before deciding to get married. As you start to learn more about each other’s financial needs and goals, you may find a good opportunity to raise the subject of a prenuptial agreement.
  • Explain your reasoning. When you ask your partner about creating a prenuptial agreement, do your best to make it clear why it is so important to you. If your partner understands your desire to provide for your children or retain control over a business in which you have invested significant time and energy, he or she may be more open to supporting your needs.
  • Be open to your partner’s needs and concerns. At the same time, make an effort to listen to and understand your partner’s concerns. You may need to reassure your partner of your love and commitment, but you should also be open to his or her requests for terms in the agreement that protect his or her own interests.
  • Do not put it off. A request for a prenuptial agreement weeks before your marriage is likely to raise more red flags than a request as soon as possible after your engagement, or even before it. Giving your partner an opportunity to process your request is one of the best ways to ensure that it does not lead to conflict.

It may also help to let your partner know that in Illinois, a prenuptial agreement can be modified at any time as long as both partners agree. However, under no circumstances should you attempt to manipulate, coerce, or force your partner into signing a prenuptial agreement, as any of these behaviors can make the agreement invalid, not to mention the damage that such actions could cause in your relationship.

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DuPage County family law attorneysWhile most wedding trends include things like hairstyles, locations, and colors, a new and different sort of trend has entered the scene recently. It is known as the prenuptial agreement. Of course, they have always offered potential benefits to marrying couples; they just have not ever been all that popular. Instead, they were considered one of the least romantic ways to tie the knot. Now they are the norm. What has changed? The following explains.

Difficult to Value Property

Traditionally, prenuptial agreements covered straightforward assets – or assets that are easy to value: homes, cars, incomes, collections, and family heirlooms. More recently though, they have been extended to include concepts and ideas, such as copyrights, trademarks, and software applications. These types of assets are known as intellectual property, and they can be difficult to value in divorce. Using a prenuptial agreement prior to the marriage can clarify who owns the intellectual property, and it can set parameters on what the joint or non-owning spouse may be entitled to there are ever any proceeds from the asset. At the very least, it can keep a non-owning spouse from selling an idea that does not belong to them during the divorce process.

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Posted on in Family Law

If you have ever listened to the song “Gold Digger” by Kanye West, you’ve heard the term “prenup”, which is short for prenuptial agreement. However, although we know that it can have something to do with money, not many people know what exactly prenuptial agreements are or what they can entail.

Attorney Explaining Prenuptial AgreementOne legal dictionary states that a prenuptial agreement is a “written contract between two people who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage is later dissolved.”

While many people believe that prenuptial agreements are reserved solely for the rich, a prenup can benefit any couple. Regardless of financial status, a prenuptial agreement can be used to pass separate property to children from a prior marriage, clarify financial rights, avoid arguments in during a divorce, and to get protection from debts.

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