Highland Park Prenuptial Agreement Attorneys

Prenuptial Agreements in Highland Park, IL

Prenuptial agreements are agreements made between two people who are planning to get married that determine how their property will be divided if the marriage ends in divorce. Such agreements are often made by high-net-worth individuals who are concerned about protecting their assets in the event of a divorce. In Illinois, prenuptial agreements are governed by state law, but courts will generally uphold them as long as they are entered into voluntarily and are not found to be unconscionable.

At the Law Offices of Jonathan Merel, P.C., our Highland Park prenuptial agreement lawyers understand that a prenuptial agreement is a very personal legal document. Our experienced prenuptial agreement lawyers can help you create an enforceable agreement that will protect your assets and ensure that your assets are distributed as you wish in the event of a divorce.

Contact our Highland Park prenuptial agreement attorneys at (847) 558-1530 to discuss your needs and how we can help.

How Does a Prenuptial Agreement Work?

A prenuptial agreement or "prenup" is a contract that is entered into by two people before they are married that outlines how their property will be divided should the marriage end in divorce. Prenuptial agreements are often made by individuals who are concerned about protecting their assets in the event of a divorce.

In Illinois, prenuptial agreements are governed by state law, but courts will generally uphold them as long as they are entered into voluntarily and are not found to be unconscionable.

To be valid and enforceable in Illinois, a prenuptial agreement must meet certain requirements, including being in writing and signed by both parties voluntarily. Each party should have had the opportunity to consult with their own legal counsel, and the agreement should not be unconscionable or overly one-sided.

At Law Offices of Jonathan Merel, P.C., our Highland Park prenuptial agreement lawyers understand that a prenuptial agreement is a very personal legal document. Our experienced prenuptial agreement lawyers can help you create an enforceable agreement that will protect your assets and ensure that your assets are distributed as you wish in the event of a divorce.

What Does a Prenuptial Agreement Cover?

In Illinois, as in many other states, a prenuptial agreement typically covers the following key aspects:

• Division of Property: A prenuptial agreement outlines how the couple's property and assets will be divided in the event of divorce or separation. It allows them to define what will be considered separate property and what will be considered marital property. Marital property generally includes assets acquired during the marriage, while separate property includes assets owned before the marriage or received as gifts or inheritances during the marriage.
• Debts and Liabilities: The prenup can address how debts and liabilities acquired before and during the marriage will be handled and allocated between the spouses in case of divorce.
• Spousal Support (Alimony): The agreement may address whether either spouse will be entitled to spousal support (also known as alimony) and, if so, how much and for how long.
• Estate Planning: Prenuptial agreements may include provisions related to estate planning, such as inheritance rights, the distribution of assets upon the death of one spouse, or arrangements for a surviving spouse.
• Personal Matters: Some prenups may contain clauses relating to personal matters, such as religious beliefs, child-rearing decisions, or lifestyle preferences.

It is important to note that while prenuptial agreements can cover various financial aspects, they cannot include provisions related to child custody or child support. Matters concerning children are generally decided based on the best interests of the child at the time of divorce or separation.

Benefits of a Prenup

While it might not seem like the most romantic topic to discuss before tying the knot, prenuptial agreements can offer various benefits for both parties involved.

Here are some of the advantages of having a prenuptial agreement:

• Asset protection: One of the primary benefits of a prenup is to safeguard individual assets acquired before the marriage. This can include real estate, investments, businesses, and personal belongings. By clearly outlining the division of assets in case of divorce or separation, a prenuptial agreement can help avoid lengthy and costly legal battles.
• Debt protection: Similarly, a prenuptial agreement can protect each spouse from taking on the other's pre-existing debts. Without a prenup, debts incurred by one spouse during the marriage could become the responsibility of both partners in the event of a divorce.
• Clarity and certainty: Prenuptial agreements provide a clear understanding of how assets and debts will be distributed in the event of divorce, death, or separation. This can reduce misunderstandings and conflicts during emotionally charged situations.
• Financial planning: A prenuptial agreement requires both partners to disclose their financial situation and discuss their financial goals. This process can encourage open communication about money matters, leading to better financial planning and compatibility.
• Protection of family inheritance: A prenup can be used to ensure that family inheritances, heirlooms, and generational wealth remain within the family's bloodline and are not subject to division in the case of a divorce.
• Protection for business owners: If one or both partners own a business, a prenuptial agreement can specify how the business will be handled in the event of a divorce, preventing potential disruptions to the company's operations.
• Alimony/spousal support considerations: Prenups can establish the amount and duration of alimony or spousal support, which can provide more predictability and fairness for both parties in case the marriage ends.
• Protecting the financially weaker spouse: Contrary to popular belief, prenuptial agreements can actually provide a safety net for the less financially secure spouse. The agreement can ensure that they are provided for adequately in case of divorce.
• Save time and money: Having a prenuptial agreement in place can streamline divorce proceedings, reducing the time and expenses associated with litigating financial matters in court.
• Reduce emotional stress: Divorces can be emotionally taxing, and a prenup can help mitigate some of that stress by providing a clear framework for asset division.

Our Highland Park prenuptial agreement attorneys can help you create an enforceable agreement that will protect your assets and ensure that your assets are distributed as you wish in the event of a divorce.

Call (847) 558-1530 or contact us online to let us help draft your prenuptial agreement.