Downers Grove Prenuptial Agreement Lawyer
Elmhurst Illinois Postnuptial Attorneys
A prenuptial agreement is a contract entered into by two people prior to marriage and includes provisions for the distribution of assets and debts in the event of divorce and which requires complete and full disclosure by both parties.
According to Jennifer Baker of the Forest Institute of Professional Psychology, fifty percent (50%) of first marriages, sixty-seven percent (67%) of second marriages, and seventy-four percent (74%)of third marriages end in divorce. Having a prenuptial agreement does not mean a couple is anticipating a divorce but rather should be viewed as a safeguard.
A prenuptial agreement requires a full and complete disclosure of both parties’ assets and will allocate how assets and debts will be distributed in the event of divorce or death of a party.
A prenuptial agreement is important to keep nonmarital and marital finances separated, protect the parties from debts brought into the marriage, and is able to provide for children from prior marriages. However, a prenuptial agreement is not able to address future child custody rights. Our firm can help you navigate this contractual process through our expert guidance and direction.
A postnuptial agreement is similar to a prenuptial agreement except it is executed during the marriage. A postnuptial agreement is entered into in contemplation of a continuing, viable marriage. To create a postnuptial agreement, it is essential that both parties make a full and complete disclosure of all assets, liabilities and income. A postnuptial agreement will address gains, appreciation and losses with respect to the parties’ assets, provide for maintenance as well as perspective inheritances and gifts. A postnuptial agreement can also correct any defects in a prenuptial agreement or amend the prenuptial agreement.
A postnuptial agreement is utilized for reconciliation purposes when a couple has experienced marital difficulties or when there has been a change in the financial circumstances after the marriage.
Whether you are considering entering into a prenuptial agreement or postnuptial agreement, it is important to meet with legal counsel to determine your rights and obligations. For further information, please contact our law offices today to see how we can help you.