Prenuptial and Postnuptial Agreements
People who marry often want to protect their financial interests in the event of a divorce or their death. Most commonly people do this through a premarital 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.
It is not only the wealthy that rely on prenuptial agreements; anyone looking to avoid disagreements and lengthy divorce litigation benefit from such an agreement.
Also, people use prenuptial agreements to protect assets if they die. Frequently, people entering into a second marriage seek to preserve their estate for their children. A prenuptial agreement allows persons to contractually shelter their assets for this purpose.
Many think that prenuptials are easily “broken” and difficult to enforce. This is not the case in Illinois. Illinois has adopted the Uniform Premarital Agreement Act, which provides that if the parties enter into the agreement voluntarily, and fully disclose all of their assets, the agreement will be enforced. Despite common misconceptions, the vast majority of properly prepared prenuptial agreements are enforced in Illinois.
Both parties 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 seek a postnuptial agreement, which is a contract entered after the marriage. Not unlike a prenuptial agreement, the purpose is to protect 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.
St. Charles Prenuptial Agreement Lawyer
Peskind Law Firm has the experience and knowledge to properly 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, risks are minimized in the event of a divorce, 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 (firstname.lastname@example.org) to schedule an appointment to meet with one of our lawyers.