While prenuptial agreements are particularly beneficial for individuals with significant assets and business owners, anyone can benefit from having a prenuptial agreement. It provides a sense of security and clarity for both parties in the event of a divorce.
Prenuptial & Postnuptial Agreements
Chicago Prenuptial & Postnuptial Agreement Attorneys
A Prenuptial Agreement (also known as a premarital agreement or “prenup”) is a written contract entered into by two individuals before they are married. A Prenuptial Agreement outlines the parties’ agreement on how to divide their estate in the event of a divorce. A Prenuptial Agreement can define which assets are marital or non-marital, identify the property and debt of each individual prior to the marriage, divide financial assets and debts, award attorney’s fees, and determine what, if any, maintenance will be paid to the other spouse.
Prenuptial Agreements
While Prenuptial Agreements are useful tools for all individuals, they are highly recommended for individuals who have larger financial portfolios, business owners, or individuals who have previously been married and who wish to clearly outline property designated for their previously born children or grandchildren. Prenuptial Agreements are increasingly utilized by couples to protect against potentially lengthy and costly litigation in the event of a divorce.
A carefully crafted and creative Prenuptial Agreement is essential if you want to protect your future financial stability and security. The attorneys at Hammer Serna & Quinn are skilled in the nuances of drafting and negotiating Prenuptial Agreements and can assist you in protecting your financial future.
Postnuptial Agreements
Postnuptial Agreements (also known as Post Marital Agreements) are written contracts similar to Prenuptial Agreements. Postnuptial Agreement outlines what will happen in the event of a divorce, but they are entered into after the parties are married.
The attorneys at Hammer Serna & Quinn can advise and guide you through a Prenuptial or Postnuptial Agreement. Please contact us today to learn how these agreements will protect your rights.
FAQs About Prenuptial and Postnuptial Agreements in Illinois
Can a prenuptial agreement include child custody or support terms?
No, prenuptial agreements cannot dictate child custody or child support arrangements because decisions are made based on the best interests of the child at the time of divorce.
What Should a Prenuptial Agreement Include?
A prenuptial agreement can include details about property division, marital vs. non-marital assets, debt responsibility, spousal support, and other financial arrangements.
Can a prenuptial agreement be changed or revoked?
Yes, a prenuptial agreement can be changed or revoked, but both parties have to agree to the changes in writing.
Why would someone need a postnuptial agreement?
Postnuptial agreements are helpful for addressing financial issues that arise during the marriage, such as new business ventures, inheritance, or significant debt.
What happens if one spouse hides assets in a prenuptial or postnuptial agreement?
If a party fails to fully disclose their assets, the agreement may be rendered invalid during legal proceedings.
Can a prenuptial or postnuptial agreement protect a family business?
These agreements can establish clear guidelines for managing a family business in the event of a divorce, safeguarding its stability and ensuring its protection.
Can I write my own prenuptial or postnuptial agreement without a lawyer?
Although it is possible, partnering with an attorney is strongly advised to ensure the agreement is both legally sound and enforceable.
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Call or email Hammer Serna & Quinn, LLC today to schedule a consultation.
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