Montgomery Premarital Agreement Lawyer: Protecting Your Assets & Securing Your Future

 Posted on March 29, 2023 in Estate Planning

Oswego Premarital Agreement Attorney

The term "late-life divorce" is used because a person was divorced over the age of fifty. In addition to the word "late-life divorce," "Grey Divorce" and "Silver Divorce" are terms that describe a middle-aged person divorced beyond the age of 50. We have increasingly become familiar with the divorce rate of couples rising in population. As a result, divorces beyond 50 years of age have substantially increased in popularity, and a divorce significantly impacts one's familial status. In addition, premarital and post-nuptial planning are increasingly popular because spouses have experienced the divorce process and desire to protect their assets in case of a divorce. 

Prenuptial agreements are also known as "Prenups." Postnups are legal agreements entered by couples post-marriage designed to protect one's prior financial assets and create a smooth process in case of a divorce. Prenuptial agreements should cover the following topics:

• Defines marital and non-marital assets, including identifying the assets that are non-marital and the marital assets and whether the appreciation in the value of an asset shall be expressed as marital property.
• Discuss the property allocation in case of death and describe how the marital and non-marital assets will be divided and allocated in case of a divorce.
• Discuss the term alimony and spousal maintenance, or "spousal support," and determine whether a person will waive spousal maintenance or how alimony will be calculated.
• Set forth a discussion about wills, estates, and trusts, and the establishment of joint trusts and single trust

Prenuptial agreements are best suited for people that have been through the divorce process or have assets to protect them from a divorce proceeding. Prenuptial agreements are beneficial for individuals apprehensive about remarriage and for individuals getting remarried. Prenuptial agreements are designed to provide peace of mind and asset protection in the event of a divorce. Prenuptial agreements also offer stability because they provide a framework for the divorce process if it occurs.

Kendall County Premarital Agreement Attorney: Pre-Nup Agreement Factors Factors 

There are several factors to consider before entering into a premarital agreement. The first factor is that joining a prenuptial agreement must be voluntary. Therefore, both parties shall understand what they are signing before signing the prenuptial agreement in Montgomery and Kendall County, Illinois.

The parties must willingly sign the document to be a valid prenuptial agreement. One party may not desire to sign a prenuptial agreement. Still, the critical issue is whether one party was forced to sign the prenuptial agreement or was improperly influenced. The term "Duress" references verbal or physical threats which push a person to do something they desire not to do. In contrast, coercion is a term used to influence someone's behavior. Divorce court can invalidate a prenuptial agreement where duress or coercion affects one party against their "voluntary" wishes.

The second factor is full disclosure of one's assets to the other party. Full disclosure of financial assets includes informing the other party of their assets, liabilities, and income. We encourage both parties to fill out a financial affidavit. A financial affidavit is used in divorce court in Illinois, which is used to disclose the financial circumstances of each spouse fully. The financial affidavit informs the other party of their specific financial assets, debts, and liabilities and the information required to make a fully informed decision. A premarital agreement is more likely to be upheld if both parties voluntarily disclose their financial assets and liabilities before forming a premarital agreement.

The third factor is whether the prenuptial agreements contain reasonable terms and a fair bargain, which can be enforceable by a divorce court. The Reasonableness of the premarital agreement will review things such as the timing of the premarital agreement before signing it, such as whether the parties are rushing to enter into the premarital agreement. The premarital agreement must contain terms and financial factors that the divorce court considers "fair and reasonable." The prenuptial agreement may not be one-sided and unfair. 

The fourth factor is whether counsel represented both parties before the execution of the premarital and post-marital agreement. The absence of an attorney will lead a divorce court to invalidate the terms of the premarital agreement. An attorney must represent both parties to be considered fair in Illinois. A Montgomery Premarital Agreement Lawyer can assist you in negotiating and reviewing your prenuptial agreement or post-nuptial agreement. The prenuptial agreement must be reasonable, and both parties must have had time to review and negotiate the terms of the premarital agreement.

Montgomery Premarital Agreement Attorneys Serving Kendall County & Nearby Areas

Prenuptial agreements are a powerful tool to protect one's assets in case of a divorce. Terms such as "spousal maintenance" and "alimony" are often significant "assets" or "income" to protect against a divorce proceeding. In Illinois, spousal support awards are also influential, redistributing a married couple's income. Prenuptial agreements are ideal for middle-class persons and not just the wealthy. Often, grey couples and individuals are persons that benefit from prenuptial agreements. Each person comes to the marriage with accumulated assets, and their retirement security can be jeopardized if they make the wrong financial decisions. Prenuptial agreements are a reliable tool to protect one's income and financial assets, including non-marital and marital assets, from dissipation, often in divorce proceedings. 

Unlike divorce attorneys, Peace of Mind Asset Protection understands the estate planning process. Our managing partner has a substantial amount of divorce, estate planning, small business asset protection, and retirement security experience, which makes us a unique law firm for couples or persons needing a prenuptial agreement lawyer. Call your Yorkville Prenuptial Agreement Attorney today at 630-882-2467 or contact us online by completing the form.