Pesce Law Group, P.C.

FREE CONSULTATIONS 630-352-2240

Naperville | Oak Brook | Burr Ridge | Lake Forest | St. Charles

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

Naperville family law attorneysFor many years, prenuptial agreements were largely considered to be necessary only for the super-rich. Today, however, more and more couples are considering using agreements like these. In fact, according to a survey conducted by the American Academy of Matrimonial Lawyers, more than half of family lawyers who responded said that they had seen an increase in requests for prenuptial agreements from the generation known as “millennials” (roughly aged 18-34).

There are a number of reasons why millennials might see fit to use prenuptial agreements, including the fact that they are getting married for the first time at a higher average age compared to previous generations. This means that they generally have more time to accumulate assets, debts, and other obligations before getting married.

If you are soon to be married and you are considering a prenuptial agreement, there are five good reasons why such an agreement might be a good option:

...

Naperville prenuptial agreement lawyersMore and more people are beginning to understand the vast benefits a prenuptial or premarital agreement can offer an engaged couple. Prenuptial agreements, or prenups, are not just for celebrity couples or the rich. Just as a person who buys car insurance does not intend to get into an accident, signing a prenup does not mean that either party intends for the marriage to end. Prenuptial agreements protect both parties’ property rights in the event that the marriage does end in divorce, but can also provide other benefits aside from those gained during divorce. It is very important, however, that individuals creating a prenuptial agreement abide by the criteria set forth by Illinois law. A prenup that does not meet these criteria can become invalidated and essentially worthless at the time of divorce.

Soon-to-Be-Spouses Must Be Honest About Finances

One of the most essential elements of a valid prenuptial agreement is a full disclosure of property and assets from both parties. Couples must list all of their property and debt as part of the prenup before decisions can be made about how that property and debt should be divided if the marriage ends. If one or both spouses were dishonest in their financial reporting during the creation of the agreement, it is possible that the prenup could be thrown out during divorce.

There Must Not Be Duress, Coercion, or Mental Incapacitation

As with any legal contract, a prenuptial agreement must be entered into voluntarily. If one spouse is forced into signing a prenup or only agrees to the prenup because of an ultimatum, the document may be considered invalid. Couples also cannot be mentally incapacitated at the time of signing. For example, if one spouse had been drinking at the time of agreeing to the prenup, it could be invalidated. Of course, it can sometimes be challenging to prove that an individual was not of sound mind when he or she signed a prenuptial agreement. Illinois does not require parties entering into a prenuptial agreement to retain individual legal counsel, but doing so is highly recommended.

...

Naperville family law attorneysIf you and your significant other are considering tying the knot, you may have thought about signing a prenuptial agreement, or “prenup.” A prenup is a legal contract that lists each party’s property and debts and identifies what each party's property rights will be if the marriage ends. Prenuptial agreements, also called premarital agreements, have unfortunately gotten a bad reputation due to television and outrageous celebrity weddings. Prenuptial agreements can offer a wide range of protections for spouses and can help a couple better prepare for a happy and successful marriage.

Myth 1: Signing a Prenuptial Agreement Means You Plan to Divorce

Perhaps the biggest reason many couples do not consider signing a prenuptial agreement before getting married is because the document is so closely associated with divorce. While it is true that a prenuptial agreement can be extremely beneficial in the event of divorce, signing a prenuptial agreement in no way means that a couple plans to divorce. Just as buying car insurance does not mean a person plans to get in a wreck, drafting a prenuptial agreement does not mean a couple plans to split up.

Myth 2: Prenuptial Agreements Are Only for the Rich

Traditionally, prenups were used by wealthy individuals who married someone with fewer assets. Today, however, there are many reasons a couple may use a prenuptial agreement. Prenups can be beneficial in keeping property from a previous marriage separate from marital property and clearly defining each spouses’ financial rights and responsibilities. Drafting a prenup can also give couples a valuable head start for future estate planning.

...
Back to Top