Benefits of Marital Agreements in Kendall County 

 Posted on September 13,2022 in Prenuptial Agreement

Marital agreements such as prenuptial or postnuptial agreements are analogous to insurance policies as they create peace of mind. No longer a contract exclusive to the affluent, obtaining a marital agreement is now a prevailing exercise of due diligence for couples of all socioeconomic backgrounds. Negotiating a marital agreement can sometimes be a contentious and uncomfortable transaction between a couple. With divorce nearing 40 percent, a marital agreement is a practical and beneficial step to alleviate the possibility of future disputes or hefty legal fees in the event of divorce. Even though you may not anticipate a divorce, a divorce attorney can draft a meticulous marital agreement tailored to your needs.

Five Reasons to Negotiate and Sign a Prenuptial Agreement

A prenuptial agreement is a legally binding contract intended to protect each spouse's assets and property rights in the event of divorce. If a contesting party can prove coercion, the court may deem the terms of the contract to be unenforceable. For instance, if a spouse pressured the other to sign a prenuptial agreement without their review and shortly before the wedding, that may be considered coercion. Therefore, it is wise to execute the agreement carefully and identify and detail each couple’s assets and debts with full transparency. The many reasons to attain a prenuptial agreement can include the following:

1. Akin to a promissory note, this agreement can protect both current and future assets.

2. Prenuptial agreements can usually bypass expensive and timely legal battles in the event of divorce.

3. A form of communication, the agreement can alleviate acrimony during the marriage.

4. The agreement can serve as a framework of spousal support for the non-contributing or homemaking spouse.

5. For older or second marriages, a prenuptial agreement can protect the assets that a spouse wishes to be passed on to the adult children from a previous marriage.

Five Reasons to Negotiate and Sign a Postnuptial Agreement

Like a prenuptial agreement, if divorce occurs, a legally-binding postnuptial agreement identifies marital property and division, but it is negotiated, drafted, and signed after the wedding. A postnuptial agreement can be executed anytime throughout the marriage. These agreements can serve as a draft for the equitable division of property. A postnuptial agreement can also be a part of the divorce decree, which can lessen expensive legal fees. Some reasons couples may wish to acquire a postnuptial agreement include the following.

1. If a prenuptial agreement was never executed, a postnuptial agreement could be beneficial.

2. A postnuptial agreement can protect an unforeseen inheritance gifted to one spouse during the marriage.

3. The agreement can safeguard a spouse’s family business and stipulate ownership.

4. Postnuptial agreements can remove debt liability by designating that each spouse is responsible for their own past or future debt.

5. A prenuptial agreement can declare that the homemaking spouse will have access to spousal support if the marriage dissolves.

Contact a Kendall County Prenuptial and Postnuptial Agreement Lawyer

At The Law Office of Matthew M. Williams, P.C., reliable divorce attorney Matthew M. Williams is conscientious, trustworthy, and advocates for fair solutions. Certified in both collaborative and cooperative law, Matthew M. Williams believes marital agreements strengthen marriages. He can draft a concise and thorough marital agreement, customized to your needs, that the court may uphold. If you need a prenuptial or postnuptial agreement, or if you are contesting your marital agreement, contact a Yorkville divorce attorney at 630-409-8184.

Sources:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59

https://www.forbes.com/sites/robclarfeld/2018/07/30/pre-nuptial-agreements-a-hedge-for-happily-ever-after/?sh=ea01f05672ac

https://money.usnews.com/money/personal-finance/family-finance/articles/what-is-a-postnuptial-agreement