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DuPage County family law attorneysAlthough they have long been the subject of misunderstandings, more and more people are choosing to sign a prenuptial agreement before getting married. Prenuptial agreements, or “prenups” for short, are contracts that specify each spouse’s property rights and responsibilities in the event of divorce. If you and your partner are considering drafting a prenuptial agreement, you should know that these documents must meet certain criteria in order to be legally-enforceable. Prenuptial agreements that do not meet these specifications or that contain certain mistakes may be considered invalid. This is why it is so important to work with an experienced family law attorney during the creation of any prenuptial agreement.

Incomplete or Falsified Financial Disclosure

When a couple designs a prenuptial agreement, each spouse must be fully forthcoming about his or her assets, income, and debts. A complete inventory of the spouses’ finances is needed so that each spouse can make informed decisions about the provisions contained in the agreement. Without a full accounting of each spouse’s property and debt, it will be impossible for the couple to form an equitable plan regarding how property and debt should be divided in the event divorce. Furthermore, if the agreement contains incomplete or falsified financial information, it is possible that the document will be considered invalid.

Each Spouse Must Consent to the Agreement

Legal contracts such as prenuptial agreements are only valid if they were entered into voluntarily. If a spouse was coerced or forced to sign a prenuptial agreement, the document is not valid. Each spouse must be of sound mind when he or she agrees to the provisions. Furthermore, spouses must have time to read and consider the agreements contained in the prenup before signing. For example, if a spouse asks the other to sign a prenup mere hours before their marriage ceremony, it is likely that the court would not uphold the provisions contained in the agreement.

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Wheaton family law attorneyThe millennial generation has embraced the protective powers of prenuptial agreements more than previous generations typically did. This could be due to several factors, including the generation’s propensity for getting married later in life and being intentional with family and business decisions. A prenuptial agreement is not only for the ultra-rich or celebrities. It is a financial planning tool which can be valuable to couples whether they ever get divorced or not.

Why You Should Consider a Prenuptial Agreement

Prenuptial agreements or “prenups” have gotten a bad reputation because they are often associated with “gold-digging” celebrities. However, the reality of using a prenup is much different then television and movies would have you believe. A premarital agreement allows both parties in an engagement to make decisions about their assets and property before getting married.

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DuPage County family law attorneyFor most couples, a wedding is a culmination of months—if not years—of planning for a day that will mark the beginning of the rest of their life together. With a ceremony, reception, and honeymoon to put together, relatively few give much thought to a prenuptial agreement. However, as thousands of American divorcees would attest, developing such a contract with your soon-to-be spouse can safeguard your personal and financial well-being.

What is a Prenuptial Agreement?

A prenuptial agreement is a contract that a couple who are going to get married may create and sign prior to their wedding. The agreement typically specifies details how the couple will split their finances in the event of divorce. This includes the division of marital property, such as the house, bank accounts, and marital debt. If you or your spouse own a business, your agreement could also outline your plan for your interests should divorce become a reality. Prenuptial agreements can also be used for other considerations, such as the payment of spousal support and the payment of attorney's fees in the event of divorce.

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Illinois family law attorney, premarital agreementsIndividuals who are planning on marrying may be interested in forming a premarital agreement. This type of agreement defines the rights and responsibilities of each party during a relationship, as well as what happen in the event the relationship ends. Premarital agreements are also referred to as prenuptial agreements.

Forming an Agreement

Pursuant to Illinois law, a premarital agreement is an agreement made between individuals who intend to marry each other. The agreement becomes effective once the marriage actually occurs. In order to be enforceable, the agreement must be in writing, signed by both parties, and entered into voluntarily.

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From our law office in Wheaton, IL the family law and civil litigation law attorneys of Mirabella, Kincaid, Frederick and Mirabella, represent businesses and individual clients throughout the western suburbs of Chicago, Illinois including Wheaton, Naperville, Oak Brook, Glen Ellyn, Carol Stream, Lombard, Downers Grove, Burr Ridge, Lisle, Elmhurst, Oakbrook Terrace, Winfield, Woodridge, Warrenville and throughout DuPage, Kane and Kendall Counties.

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In honor of the passing of our founder, Joseph F. Mirabella, Jr., our offices are closed Friday, January 31, 2020.I Agree