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Schaumburg Prenuptial Agreement Lawyer

Wheeling family law attorney for prenuptial and postnuptial agreements

Attorneys for Prenups and Postnups in Schaumburg

In the event of a divorce, many couples struggle to reach agreements about various issues related to their property and finances. However, some couples may be able to avoid these types of disputes and minimize conflict during the divorce process by creating prenuptial or postnuptial agreements. These agreements can help couples protect themselves and their assets while also providing them with the assurance that if they do choose to get a divorce, they will be able to resolve matters more quickly and easily.

The attorneys of A. Traub & Associates help families address multiple types of legal issues related to marriage, divorce, parent/child relationships, and other concerns that may affect family members. We can work with you to draft a prenuptial or postnuptial agreement that will help you prevent potential future conflicts while protecting your rights. We can help you make sure that you will be able to resolve divorce-related issues without costly and time-consuming litigation.

Prenuptial Agreements for Couples Planning to Get Married

Illinois law enables couples to enter into prenuptial agreements before getting married. A prenuptial agreement or "prenup" becomes effective once a couple officially becomes married. To ensure a prenup is fair and that the spouses have enough information to make decisions related to financial issues, both spouses should make a complete disclosure of all relevant financial information beforehand. This disclosure should detail their sources of income, their property and assets, and any debts owed. It is crucial for each spouse to be represented by their own attorney during this process, and this will ensure that they fully understand the terms of their agreement and how the decisions they make may affect a potential future divorce.

The terms of a prenuptial agreement will apply in situations where a couple's marriage ends, including if they choose to get divorced or if one spouse dies. A prenup may address:

  • Asset division - The terms of an agreement may dictate what will happen to specific assets in the event of a divorce. A prenup may state that certain assets are non-marital or marital property, and it may detail how the latter should be divided during the divorce process.
  • Spousal support - An agreement can include decisions about whether either partner will be paid spousal maintenance by the other if they decide to separate or divorce. A prenup might include details about how much money one spouse will pay to the other and how long these payments will be made, or it may state that one or both spouses will give up their right to ask for spousal support payments in the event of a divorce. In some cases, a couple may agree to put stipulations in place to determine whether spousal support will or will not be paid. For example, a prenup may state that a spouse will not receive spousal maintenance if they commit infidelity.
  • Inheritance rights - If a person dies while they are married, their spouse and their children will have the right to inherit their assets. However, matters related to inheritances can be complicated in situations where a person had children before marrying their current spouse. While a will and other estate planning documents may be used to determine how assets will be distributed among a person's heirs, a prenuptial agreement may also address this issue, ensuring that certain assets will be set aside for a person's children in the event of their death.

Couples cannot use a prenuptial agreement to determine how issues related to child custody or child support will be addressed in the event of a divorce. Instead, parental responsibilities will be allocated and parenting time will be divided in a way that will provide for children's best interests. Child support orders will be created based on the income earned by both parents at the time of a separation or divorce.

Postnuptial Agreements for Spouses Who Are Married

A prenuptial agreement can only be created before a couple gets married, but there are some situations where spouses may want to draft a similar contract based on changes they have experienced during their marriage. A postnuptial agreement—which usually serves the same purposes as a prenup by making decisions about how property and financial issues will be handled in a divorce—can be advantageous in several different situations, including:

  • When one or both spouses plan to start a business, they may want to make sure to avoid any problems that may affect the company if they get divorced. A postnup may detail how ownership of a family business will be handled, such as by stating that one spouse will be the sole owner of business assets.
  • If one spouse is planning on making a major investment, the other may want to make sure other assets—like the home the couple owns together—will be protected in case the investment goes sour. A postnup may be used to ensure that marital assets will not be negatively impacted by one spouse's debts.
  • In cases where a couple has encountered relationship issues, either spouse may be concerned about how they will be affected if their attempts to reconcile fail. A postnup can allow couples to decide ahead of time how certain divorce-related issues will be handled, allowing them to avoid uncertainty about what will happen if they cannot make their marriage work.

Contact a Schaumburg Prenuptial and Postnuptial Agreement Lawyer

A prenuptial or postnuptial agreement can help spouses avoid disputes and conflict during a divorce, and it can also ensure that certain assets will be protected or address other financial issues. If you are interested in learning more about the advantages of these types of marital agreements, or if you need assistance drafting a prenup or postnup, please reach out to A. Traub & Associates today at 630-426-0196 for a confidential consultation.

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