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Subscribe to this list via RSS Blog posts tagged in 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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Illinois divorce attorney, divorce trends, Illinois family law attorney,The old adage states that money can be a great equalizer. Those who are in the middle of a divorce are definitely able to attest to that claim, especially when it comes to divorce proceedings. In many cases, in divorce proceedings, or in other civil and criminal actions, the amount of available funding for these legal activities can greatly influence one’s case. It could make the difference between more than just winning and losing, but also the extent of property that each party may be able to acquire after equitable distribution.

Financial Issues Resulting from Divorce

Though many married women are currently employed and many are the breadwinners of the family, there are still many instances where women are still at a disadvantage financially because of a disparity in income due to the wage gap seen between the sexes, or a decision to stay at home with the family. These issues are exacerbated by the fact that divorce settlements can drag on for months and even years, especially when the relationship becomes acrimonious as a result of the divorce.

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Illinois family law attorney, Illinois divorce lawyer, marital assets,U.S. residents are known for being extremely entrepreneurial and innovative. Now, more than ever, the concept of start-ups and crowdfunding/sourcing are becoming increasingly popular as this allows for everyday people to take an idea and, with very little investment, turn it into a business venture with the opportunity for growth.

The well-known adage is that personal relationships and business never mix. But more and more, power couples are surfacing and becoming successful specifically because they are functioning as a marital unit. More likely than not, having your spouse be your business partner creates a situation where any profit or loss is shared with the person who you trust the most. As many couples who run profitable businesses will attest, it is all about communication, creating ground rules, and sometimes a postnuptial agreement for more complex decisions for the marriage and business.

Illinois Prenuptial and PostNuptial Agreements: Their Use in Business

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Posted on in Family Law

“A prenuptial agreement is a common way for a couple to codify their intent prior to marriage regarding a variety of rights and obligations that could arise under the enjoyment or termination of their marriage.” In Illinois, the Illinois Premarital Agreement Act governs a prenuptial agreement. There are many formalities that have to happen in order to file for a prenup. First of all, a prenuptial agreement according to the Illinois Uniform Premarital Agreement Act has to be in writing. There does not have to be an exchange of assets or losses for the agreement to be enforceable. Once the marriage has occurred, the agreement begins. It can only be modified or evoked if both couples give consent in writing.

In Illinois, an agreement can cover just about anything that is not criminal, doesn’t affect public policy, or is not harmful to their children’s right to support. It can include any rights and obligations regarding any or all property that is held by the spouse at any time. The division of this property can come from divorce, separation, death or any other event.

In Illinois, a prenuptial agreement will not be enforced if it was involuntarily or was unconscionable at the time of the contract and the subsequent party did not have reasonable knowledge of the other party’s property and obligations, and did not receive reasonable disclosure. An elimination or modification of spousal support that becomes a burden to the opposing party will not be enforced.

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