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

 Posted on January 17, 2023 in Estate Planning

Kendall County Premarital Agreement Attorney

The term “Grey Divorce” is also known as “late-life divorce” or “silver divorce” because a person has decided to get divorced over the age of fifty. Grey divorces have increased and have increasingly become common with the divorce rate of couples increasing in population. The issue of premarital planning and post-nuptial planning is increasingly in popularity because spouses have experienced the divorce process and desire to provide a predictable process in the event of a divorce. 

Prenuptial agreements are also known as “prenups” and post-nups, which are legal agreements entered into couples either before or post-marriage designed to protect one’s prior financial assets and create a smooth process in case of a divorce. Pre-nuptial agreements should cover the following topics:

• Defines what is non-marital and marital assets including whether appreciation in value of an asset will be considered an “marital asset” or a “non-marital asset”

• Discuss property division and how non-marital and marital assets will be divided in case of a divorce

• Define what is alimony or otherwise known as “spousal maintenance” or “spousal support” and determine whether a person will waive alimony or the process for calculating alimony

• Set-forth a discussion about wills, estates and trusts, and establishment of joint trust and single trust

Prenuptial agreements are best suited for people that have been through the divorce process or having assets to protect 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 give stability as well because it provides a framework for the divorce process if it shall occur.

Kendall County Premarital Agreement Attorney: Factors to Consider When Drafting a Pre-Nup Agreement

There are several factors to consider prior to entering into a premarital agreement. The first factor is the decision to enter into a prenuptial agreement must be voluntary. Both parties shall understand what they are signing prior to signing the prenuptial agreement in Oswego and Kendall County, Illinois.

To be a valid prenuptial agreement, the parties must willingly sign the document. Obviously, one party may not desire to sign a prenuptial agreement, but the key issue is whether one party has been forced into signing the prenuptial agreement or improperly influenced into signing the document against their wishes. The term “Duress” references verbal or physical threats, which pushes a person to do something they desire not to do. In contrasts, coercion is a term used to influence someone’s behavior. Divorce court can invalidate a prenuptial agreement where duress or coercion influenced 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 fully disclose the financial circumstances of each spouse. The financial affidavit informs the other party for their specific financial assets, their debts and liabilities, and the relevant information required to make a fully informed decision. A pre-marital agreement is more likely to be upheld if both parties voluntarily disclosed their financial assets and liabilities prior to the formation of a pre-marital agreement.

The third factor is whether the prenuptial agreements contain reasonable terms and a fair bargain, which can be enforceable by a divorce court. Reasonableness of the premarital agreement will review things such as the timing of the premarital agreement prior to the signing of 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 pre-nuptial agreement may not be one-sided and unfair. 

The fourth factor is whether both parties were represented by counsel prior to the execution of the premarital and post-marital agreement. The absence of an attorney will lean a divorce court of invalidating the terms of the pre-marital agreement. Both parties must be represented by an attorney to be considered fair in Illinois. An Oswego Premarital Agreement Lawyer can assist you in negotiating and reviewing your pre-nuptial agreement or post-nuptial agreement. The pre-nuptial agreement must be reasonable and both parties must have had time to review and negotiate the terms of the premarital agreement.

Kendall County Premarital Agreement Lawyers Serving Oswego Yorkville, Plano, and 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 a significant “asset” or “income” to protect against a divorce proceeding. In Illinois, spousal support awards are a powerful too, which redistributes a married couple’s income. Prenuptial agreements are ideal for middle-class persons and not just the wealthy. Often, grey couples and individuals over 40 years of age are excellent candidates for a prenuptial agreement. 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 strong tool to protect one’s income and financial assets including non-marital and marital assets from dissipation that often occurs in a divorce proceeding. 

Unlike divorce attorneys, Peace of Mind Asset Protection understands the divorce and 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 filling out the online form.