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Premarital & Post-Marital Agreements

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Premarital & Post-Marital Agreements

Premarital Agreements

The Illinois Marriage and Dissolution of Marriage Act allows marrying couples to enter into a “premarital agreement” or a “prenuptial agreement.” Through these written contracts marrying couples can determine how they will handle financial matters during their marriage or how their property, assets, and financial obligations will be allocated in the event of a divorce or upon the death of a spouse during the marriage. The Illinois Premarital Agreement Act governs these agreements.

While all marrying couples may agree to enter into a “premarital agreement” or a “prenuptial agreement,” in certain situations, it is highly advisable. A few such instances include:

  • Premarital Assets: If a party has significant non-marital assets, a premarital agreement may specify what will happen with those assets upon divorce or death.
  • High Income: If a party has significant income or income potential, a premarital agreement may classify that income as the non-marital property of the earning spouse.
  • Children from a Previous Relationship: If a party has prior born children, a premarital agreement can preserve a parent’s premarital assets for a child in the event of divorce or death.
  • Second or Prior Marriages: Premarital agreements give couples an opportunity to plan for the financial aspects of their marriage or upon divorce or death. 

The divorce and family law attorneys at Suburban Law Group, LLC have extensive experience in the negotiation and drafting of premarital agreements.  If you would like more information about how a “premarital agreement” or a “prenuptial agreement” may affect your family or financial situation, contact Suburban Law Group, LLC, for a free initial consultation.

Post Marital Agreements

Under the Illinois Marriage and Dissolution of Marriage Act, marrying couples may enter a “post-marital agreement” or a “postnuptial agreement.” Through these written contracts, married spouses can determine how financial matters will be managed during their marriage or how their property, assets, and financial obligations will be allocated in the event of a divorce or upon the death of a spouse during the marriage.

As opposed to a premarital agreement, a postnuptial agreement is entered into between spouses after they are married. Notwithstanding, if prepared properly, postnuptial agreements are legally enforceable contracts between spouses. Often postnuptial agreements are used to reconcile marital problems, providing additional security to a spouse who is exposed to financial risk, but may be willing to try and reconcile their marriage if their financial interests are protected.

The experienced divorce and family law lawyers at Suburban Law Group LLC assist married spouses in reviewing or drafting enforceable postnuptial agreements. For more information about the potential benefits of a postnuptial agreement, contact our office to schedule a free initial consultation.

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