Tag Archives: prenuptial agreement

What Happens if a Prenuptial Agreement is Invalid?

prenuptial agreement, DuPage County family law attorneyThere was a time when many thought prenuptial agreements were only for rich celebrities or those who did not have faith in the longevity of their marriage. Today, people realize that prenuptial agreements are not only vital assets in the unfortunate event that a couple splits up or a spouse passes away, but are also tools which can help married couples manage their financial responsibilities while they are still married as well. When creating a prenuptial agreement, one must be careful to draft it in such a way that it holds up in court. Making certain mistakes within a prenuptial agreement can cause it to be considered invalid. In this case, the mandates set forth in the document will not be followed and the document will have been created in vain.

Dishonesty Regarding Assets

One of the major requirements of a valid prenuptial agreement is total transparency with regard to all assets, properties and debts. If a person enters into a prenuptial agreement but does not disclose all of his or her financial information or attempts to hide assets, the document may become useless. If a couple is divorcing and one spouse proves that the other was fraudulent in his or her financial reporting, the prenuptial agreement cannot be used to make decisions regarding spousal maintenance, property division, or family-owned businesses.

One of The Spouses Was Coerced Or Pressured

Prenuptial agreements or premarital agreements must be agreed upon by both of the individuals signing the agreement. Legal documents signed under undue influence cannot be considered binding. If one of the spouses is forced or tricked into signing the agreement, it may be considered invalid. Furthermore, if one of the spouses was not of sound mind due to illness or for other reasons when he or she signed the document, it can be thrown out. It is important to note that coercion or duress can be difficult to prove and that states have different standards for what it means to have been coerced into an agreement.

The Documents Were Not Properly Executed

In order to be enforceable, prenuptial agreements must be written down and signed by both parties. The signatures must also be notarized. Ideally, both spouses would have legal representation before signing any legal agreement, and in some states, this is required. Prenuptial agreements can also be considered invalid if they include imbalanced or ridiculous provisions. For example, an agreement which awards a huge majority of marital property to one person and leaves the other with nothing will probably not stand up in court.

Legal Aide You Can Trust

To ensure that your prenuptial agreement is enforceable and legally binding, contact an experienced Wheaton family law attorney for guidance. Call 630-871-1002 to set up your confidential consultation at Andrew Cores Family Law Group today.

 

Sources:

https://www.forbes.com/sites/jefflanders/2013/04/02/five-reasons-your-prenup-might-be-invalid/

http://abcnews.go.com/Business/story?id=5333445

How to Ask Your Future Spouse for a Prenuptial Agreement

prenuptial agreement, DuPage County family law attorneysThe period around the winter holidays is a time when many hopeful romantics get engaged. Whether it is on Christmas, New Year’s Day, Valentine’s Day, or any other time of the year, getting engaged to be married is a time of hope and excitement. If you have decided that you want to sign a prenuptial agreement with your future spouse before tying the knot, you may be unsure of how to bring up the conversation. Unfortunately, prenuptial agreements have gotten a bad reputation in the past. Stories about outrageous celebrity marriages which seem doomed to fail are often where many first hear the term. However, prenuptial agreements are a tool which can be valuable to anyone. You do not need to be rich or a celebrity to benefit from a prenup.

Benefits of a Prenup

A prenuptial agreement is a legally binding document which establishes the property and financial rights of each spouse in the event of a divorce. For example, a prenup can protect your family-owned business, ensure inheritance rights for children of a previous marriage, prevent one spouse from acquiring the debt of another, protect each spouse’s financial interests, and more.

Today, having a prenuptial agreement is not seen as an oddity. When 40 to 50 percent of marriages end in divorce, it is important to prepare for that possibility. In addition to offering protections in the event of divorce, prenups are also helpful to couples who never get divorced. A marriage is not only a romantic relationship but also a business relationship. A thorough discussion about financial plans and desires while making a prenuptial agreement may help prevent misunderstandings and conflict in the future marriage.

Telling Your Partner

If you have decided that a prenuptial agreement is right for you, the next step is to discuss it with your partner. Some people find it easier to discuss matters related to finances with a mediator or counselor. A couple should always discuss how money will be handled in their marriage before getting married, and prenuptial agreements can be a part of this conversation. Instead of leading with “I want a prenuptial agreement,” begin the conversation as a part of a larger discussion about your collective plans and dreams for the future. Another step which may be helpful is sitting down together and researching what a prenuptial agreement actually is. Many people have negative associations with the term because of television and movies. Once a future spouse sees that a prenuptial agreement can be a mutually-beneficial tool, they will be less likely to get upset at the suggestion of using one.

DuPage County Prenuptial Agreements Lawyers

If you would like to speak to an experienced Wheaton family law attorney about creating a prenuptial agreement, call 630-871-1002. We have helped people throughout Illinois establish prenuptial agreements, including clients in DuPage County, Kane County, Cook County, Will County and Kendall County.

 

Sources:

http://www.businessinsider.com/how-to-ask-for-prenup-2014-9

https://www.huffingtonpost.com/james-j-sexton-/how-to-prepare-for-that-prenup-conversation_b_9319618.html

The Benefits of Using a Prenuptial Agreement

prenuptial agreement, DuPage County family law attorneyPrenuptial agreements (also called premarital agreements or “prenups”) are legal contracts that are signed by individuals before they get married. The purpose of a prenuptial agreement is to establish the property and financial rights of each spouse in the event of a divorce. Prenuptial agreements can help protect a person’s assets and property and may also help determine how spousal support or alimony is awarded. Prenups can define what property is considered marital and what is separate.

It can be uncomfortable to bring up the subject of prenups with a person’s soon-to-be-spouse. No one wants to believe that their marriage will end, but sadly, many do. It is important to plan for the worst case scenario even if the couple currently has a strong relationship. As the saying goes, it is better to be safe rather than sorry.

Who Needs a Prenuptial Agreement?

Prenuptial agreements can protect one spouse from assuming the debts of the other, protect an individual’s personal business, stipulate how property is distributed to heirs after a death, streamline property division, and clarify the financial responsibilities of each spouse. Prenuptial agreements cannot, however, address issues of child custody or child support. In the event of a divorce, prenuptial agreements can save both spouses from excessive negotiations and tension. Those people in certain circumstances are strongly encouraged to sign a prenuptial agreement. A prenup may be right for you if you:

  • Own your own business;
  • Have substantially more or substantially less income than your future spouse;
  • Have been married before;
  • Have children from a previous marriage;
  • Want to protect your financial interests in the event of divorce;
  • Do not work outside the home or your spouse does not work outside the home;
  • Want to protect a gift or inheritance;
  • Want to create a firm foundation for an estate plan;
  • Are older and therefore more well-established financially; or
  • Are bringing significant financial assets to the marriage.

If any of these circumstances apply to you or your future spouse, a prenuptial agreement may be beneficial.

Getting Married?

If you are planning to marry and want to learn more about prenuptial agreements, the next step is to consult a knowledgeable attorney. Our passionate DuPage County family lawyers are ready and willing to work with you and help you and your partner explore your options. Contact our offices today to set up an initial consultation.

 

Sources:

https://finance.yahoo.com/news/4-tough-essential-money-questions-couples-discuss-tying-knot-212050133.html

https://www.forbes.com/sites/nealegodfrey/2015/08/30/prenups-i-do-or-dont-at-any-age/