Some married couples in Illinois have used a postnuptial agreement as a way to reset their finances and protect their assets in case of a divorce. This document is similar to a prenuptial agreement. The main difference between the two documents is that a postnuptial agreement is signed during marriage and a prenuptial agreement is signed before marriage.
In the past, many people in Illinois considered prenuptial agreements to be limited to those with generational family wealth or major celebrities. However, a growing number of people have chosen to negotiate a prenup before they marry, especially as more people choose to wed later in life or after developing a burgeoning career. More people bring property and children of their own to their marriages and may want the additional preparation and planning that a prenup provides. Some of the issues addressed by a prenuptial agreement may also arise after a couple has already married, however.
Couples in Illinois and other states are more likely to file for divorce in the month of January. In fact, those in legal circles have started calling January "Divorce Month." Not only do statistics reveal that divorce filings go up in the month of January, but even search engines see more queries for things related to divorce.
Although prenuptial agreements are becoming more common in Illinois and throughout the country, there remain misconceptions regarding some of their basics. Initially, despite what once may have been the reality, prenups are not now exclusively a tool to be employed by the affluent. People are typically marrying later in life than they once did, which often corresponds with either or both of the partners owning a home or business before marriage. However, for whatever the reason a prenup is proposed, there are rules of construction that must be followed if it is to be considered a valid, binding legal document.
Some couples in Illinois may want a prenuptial agreement to protect them in case they get a divorce. This should not be a decision they procrastinate on making because preparing the prenup shortly before the marriage can make the document more vulnerable to challenges. It can appear as though one individual was coerced into signing it.
Women in Illinois who are going through a divorce and have children are likely concerned about the impact the divorce is going to have on their children. In a recent poll, almost three in four women said that they were concerned about their children's welfare after divorce and about their ability to provide financially for their children.
Prenuptial agreements can be ideal for almost anyone who is strongly considering getting married. It can spell out the terms of an eventual divorce, and it may allow a person to keep a business or other valuable assets that they are bringing into the marriage. It can also allow one or both parties to the relationship to waive their right to alimony. If a right to alimony is not waived, a prenuptial agreement can still determine how alimony payments are to be structured.
There may be advantages for some people in Illinois in engaging a divorce financial specialist during the divorce process along with other legal and financial professionals. Divorce can have a significant effect on a person's finances over the long term, and people may not always understand the ramifications of the financial settlement they are agreeing to. This can be particularly true for people who have not been very involved in the family finances.
Illinois couples who decide to end their marriages may have many questions to answer as they settle their divorces. One of those questions may be what to do with the house that they shared while they were together. Usually, divorcing couples will choose to either sell the home immediately or share it until it can be sold at a later date. Often, a home sale is delayed because it's in the best interest of a child.
Divorce can carry serious financial consequences that persist long after the emotional issues have been settled. For business owners, this can be especially challenging. When owners of a closely held businesses divorce, they could wind up selling the business or sharing it with a former spouse in an attempt to achieve a property division settlement.