Counsel For Chicago Couples Wanting Prenup Or Postnup Agreements
Discussing the possibility of divorce is never romantic. However, preparing for the unexpected can be legally and financially beneficial. By signing a prenuptial agreement, you and your spouse can protect your assets in case of divorce and protect each other from the business or personal debt you may incur.
While preparing your prenup, it’s crucial that you and your spouse hire your own lawyers. The attorneys at NextLevel Law, P.C. by Daniel R. Hernandez, Esq., can work with you to determine whether a prenuptial agreement is appropriate and assist you in its preparation. They can also help you, as a married couple, prepare postnuptial agreements, which are like prenups for people who are already married.
What Are Prenups And How Do They Work?
Prenuptial agreements are written documents signed by each spouse to address how to handle various issues in the marriage should one of you die or you divorce. The agreement should thoroughly account for both of your finances, including all assets and debts. Common issues you can address in a prenuptial agreement include:
- Spousal maintenance: You and your spouse can decide whether one of you will receive spousal maintenance, also known as alimony, from the other if you divorce. The agreement can specifically address the amount of support and its duration.
- Division of marital property: The prenuptial agreement can help you establish what nonmarital property each of you bring into the marriage. This can help keep family heirlooms, businesses or other critical individual assets from mixing with your marital estate.
- Inheritance rights: If one of you dies, your assets would go to the surviving spouse and your children. If you or your spouse have children from a previous marriage or relationship, then you can use a prenup to specify assets or property that the children should inherit.
While a prenuptial agreement can cover far-reaching topics, it cannot address any decisions about child support, parental responsibility or parenting time. You can only make these decisions during the divorce process.
What Are Postnups And How Do They Work?
After a couple is married, a postnuptial agreement can protect many of the same assets as a prenuptial agreement. It can be helpful for:
- Couples who are considering divorce but have not yet decided
- Couples with one spouse starting or acquiring a business who would like to keep it as nonmarital property and separate from the marital estate
- A spouse who inherits or is gifted property or assets that they wish to separate from their marital assets
- A spouse who does not want to be legally responsible for debts incurred or significant investments made by their spouse
Both prenuptial and postnuptial agreements are helpful in the case of a divorce. However, if the court finds that the agreement was not adequately prepared, one of the spouses signed the agreement under duress or one spouse withheld vital information, then the judge may rule the agreement invalid.
Lawyers Who Understand Same-Sex Prenuptial Agreement
As same-sex spouses are bringing more assets into their marriages, prenuptial and postnuptial agreements are taking on new importance and new obstacles. Daniel and his team thoroughly understand same-sex couples’ unique challenges. They are ready to tackle your legal questions and provide experienced representation. Whether you are about to marry or have already been married for years, they can offer legal advice on prenuptial and postnuptial agreements and help you formulate them to meet your and your spouse’s specific needs.
What Makes Prenups Crucial For Same-Sex Couples?
By signing a prenuptial agreement, same-sex couples can determine how they will manage specific financial or property issues if they divorce. A valid, well-thought-out prenuptial agreement allows you and your spouse to disclose all your financial information, including your income, assets and debts.
The general concerns that spouses choose to include in prenuptial agreements are the same regardless of what sex the couples are:
- How to split property: During a divorce, any property or assets that either of you earned or acquired can be subject to division. You can use a prenuptial agreement to identify what you and your spouse consider marital and nonmarital property. This can be especially beneficial if you or your spouse are a business owner and want to separate your commercial assets from your individual heirlooms.
- How to handle spousal support: You can use a prenuptial agreement to decide who will receive spousal support in the event of a divorce. You and your spouse can agree on the monthly support that will be paid and how long those payments will last.
- What to do about inheritance: You can use a prenuptial agreement to determine how assets and property will be distributed between the widow and other relatives, including children. It can be beneficial if you or your spouse have children from previous relationships or marriages.
If you are part of a same-sex couple, prenups can also help you and your spouse address some of the additional challenges that you might face in the event of divorce that opposite-sex couples might not encounter. Our team can help you determine how your prenup can address these challenges.
What Makes Postnups Crucial For Same-Sex Couples?
After you marry, a postnuptial agreement can protect many of the same assets as a prenuptial agreement. It can be helpful for:
- Same-sex couples who are considering divorce but have not yet made the final decision
- Same-sex couples with one spouse starting or acquiring a business who would like to keep the business as nonmarital property, separate from the marital estate
- Spouses who inherit property or assets that they wish to keep separate from their marital assets
- Spouses who don’t want to be responsible for significant investments made or debts incurred by their spouse
Suppose you choose to prepare a postnuptial agreement. In that case, you and your spouse can provide Illinois family courts with practical guidance, should you divorce. However, your understanding can risk getting thrown out if a judge believes that it’s unfair or that one party signed it under duress. Sometimes, a judge can throw out the agreement entirely if they think that a couple didn’t prepare it properly.
The right legal team can help you promote your interests in these matters.
Our Team Can Help You Plan And Prepare For The Future
There’s nothing less romantic than talking about divorce. However, having a prenuptial or postnuptial agreement can protect you and your spouse if things go south. If you are considering crafting a prenuptial or postnuptial agreement, contact the lawyers at NextLevel Law, P.C. We are proud to provide knowledgeable legal representation to couples of all backgrounds. Call the firm at 312-530-8002 or complete the contact form to schedule an initial consultation.
NextLevel Law, P.C.’s services are always affordable. We offer flat fees and never charges by the hour.
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