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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.

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Naperville Prenup Lawyer

A prenuptial agreement is a legal contract created before the beginning of a marriage or civil union. The document commonly outlines what should happen with any income, assets, or other financial responsibilities should the relationship end in divorce but can include anything either party deems pertinent. 

While these arrangements are largely made famous by celebrities and other high-asset individuals, prenups are not limited to this income bracket. With the right legal guidance from a qualified attorney, couples from all financial backgrounds can benefit from prenuptial agreements.

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b2ap3_thumbnail_prenuptial-agreement-talking-partner-prenup.jpgNo newly-engaged couple wants to envision their separation. Nothing can spoil the romance and magic of finding a lifelong partner and getting engaged like the thought of divorce. While nobody enters a marriage expecting to get divorced, the reality is that divorce rates in the US are rising steadily. Modern society has less of a stigma about divorce than in the past, so couples that find themselves unhappy are more frequently deciding to go their separate ways. While no marriage should be entered into lightly, everyone certainly deserves the chance to be happy in their life, and if a divorce is the answer down the road, so be it. With divorce, however, comes the tricky details of splitting your finances, which can be be especially tough for couples entering marriage with significant assets already accrued. The difficult process of splitting assets has led to many couples choosing to sign prenuptial agreements. While discussing a prenuptial agreement prior to your marriage can be very difficult, you and your partner will both be financially better off for it, in the unfortunate case of a future divorce. There are a few tactics you can use to discuss a prenuptial agreement with your partner while maintaining a positive outlook.

Why a Prenup?

Marriage has changed a great deal in the past 20 to 30 years. As stated above, divorce rates are among the highest that they have been in decades. On top of that, there is not as much pressure from society to get married at a young age. Many Americans are waiting until well into adulthood to get engaged. By that point in their lives, they have most likely accrued significant assets like cars, homes, and large bank accounts. A young, recently engaged couple with no large individual assets may not need a prenup. For those more financially established couples, however, combining and then splitting assets down the road can be much trickier. For most couples, it is easier to create a financial agreement early in the relationship so there is less uncertainty down the road. Both partners will be allowed to account for all of their individually owned assets, and designate what will happen to them in the event of a divorce. A prenuptial agreement can also designate what happens to your assets in case of a death as well.

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