Prenuptial and Postnuptial Agreements
Some want to protect their financial interests in the event of a divorce or their death. People do this through a contract called a “prenuptial agreement.” With a validly executed prenuptial agreement, one can:
- protect assets owned prior to the marriage;
- protect business interests;
- determine divorce property settlements in the event of a divorce;
- exclude certain property from division in the event of a divorce;
- determine maintenance or alimony;
- preserve assets for heirs in the event of a death.
Not just the wealthy benefit from prenuptial agreements, anyone looking to minimize divorce litigation benefits as well.
Some use prenuptial agreements to protect assets from spouses in the event of their death. Often, people entering into a second marriage seek to preserve property for children from a prior marriage. A prenuptial agreement allows one to assign their assets for this purpose.
Many think that prenuptials are easily “broken” and difficult to enforce. This is not the case in Illinois. Our courts generally uphold these agreements if the agreement is properly prepared and the parties enter into it voluntarily.
Couples considering a prenuptial agreement should have a separate lawyer represent their interests. Peskind Law Firm has substantial experience negotiating, drafting and reviewing prenuptial agreements.
Sometimes people desire a postnuptial agreement, which is a marital contract entered after the marriage. Not unlike a prenuptial agreement, the purpose is to allocate assets in the event of a death or divorce. For example, a spouse might seek a postnuptial agreement when his or her spouse has been unfaithful. The faithful spouse may agree to reconcile on the condition that he or she receives a specified financial settlement in the event the reconciliation fails or the spouse strays again in the future.
Peskind Law Firm has the experience and knowledge to prepare all types of marital agreements. Our firm frequently advises people considering prenuptial or postnuptial agreements. Peskind Law Firm also counsels people in premarital asset planning. Some people want to protect their assets in the event of a divorce but are concerned about their fiancé’s willingness to enter into a premarital agreement. By proper planning, we help our clients protect their assets, even without the benefits of a premarital agreement.
If you have any questions about using a prenuptial or postnuptial agreement or need premarital asset protection advice, contact Jenna Adams at Peskind Law Firm (jenna@peskindlaw.com) to schedule an appointment to meet with one of our lawyers.