So, you are marrying in Chicago at the Hilton Chicago or The Langham, Chicago. Couples who get married today are up to three times more likely to sign a prenuptial agreement than a decade ago. Prenuptial agreements used to be mainly for the wealthy, but couples in many tax brackets now use them.
If you are thinking about a prenup, below is critical information. Questions? Ask a prenuptial agreement lawyer in Chicago at the law office of Michael C. Craven.
What Is A Prenup?
A prenuptial agreement is a document signed by two potential spouses before they marry. A prenup usually predetermines outcomes and processes for how the pair will handle money, debts, and real estate during the union and if they decide to divorce and/or upon one’s death. The agreement kicks in when the two are married. In Illinois, a prenuptial agreement may cover the following topics:
- Whether one of you will pay alimony if there is a divorce, how much and how long
- Each party’s property ownership after a divorce
- Each partner’s right to sell, manage and transfer property
- The payment of attorney fees and litigation expenses for a divorce
- The right of a surviving spouse to live in a deceased spouse’s home after death
- Each party’s rights to property upon death of the other
- Each partner’s ownership and beneficial rights in a life insurance policy
- Protecting the rights of children from a prior marriage or relationship
Which Laws Of Which State Will Apply If There Is A Dispute About Assets After Divorce?
You can make changes to a prenup anytime during the marriage. However, an amendment to the agreement should be written and signed by both parties. You also can revoke a prenup by canceling it in a writing signed by both parties.
Why Consider A Prenuptial Agreement?
While some are reluctant to sign a prenuptial agreement, there are many good reasons to do so:
- Avoid complex arguments about splitting and distributing property if there is a divorce
- Not being liable for a spouse’s debts if you divorce.
- Protect property you had before the marriage.
- Protect family heirlooms, antiques, and other valuables in a divorce.
- Protect your children’s right to inheritance and others from a prior marriage.
- Avoid the complexities of dividing a closely held business in divorce.
- Offer more control over finances and property.
- Decide in advance how certain expenses will be paid during a marriage.
- Reduce the time, contention, stress, and costs of a divorce.
It is wise to consider safeguarding your money, assets, real estate, and other property with a prenup in Illinois. It will provide you with peace of mind if you ever get divorced. Most importantly, you can avoid a devastating court fight over property and alimony if there is a divorce.
Talk To Our Prenuptial Agreement Lawyer In Chicago
If you are getting married, you may not imagine getting divorced. However, relationships and situations change over the years, so it is often wise to consider a prenuptial agreement to protect your assets. Getting a prenup will make a possible divorce less contentious, stressful, and expensive. If you are interested, a prenuptial agreement lawyer in Chicago can help protect your assets and peace of mind.
Our prenuptial agreement lawyers serve clients in Chicago and Cook, Lake, Will, DuPage, McHenry, and Kane counties. Contact our Chicago prenuptial attorneys today for assistance with your prenuptial agreement.