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Tuesday, May 29, 2018

Putting Your Eggs in One Basket

Marriage is a wonderful thing. People are happy, they are in love, they are in a certain state of euphoria. Then something happens and the people who were once in love…can’t stand each other. People become bitter, vengeful, and completely unlike themselves. They try to work things out, but nothing helps. The only option that is left is to get a divorce. What kind of divorce will the parties have will be determined if they have a Premarital Agreement or not.

If you have a Premarital Agreement, then most of your issues will be resolved by that agreement[1]. A premarital agreement is governed by the Illinois Uniform Premarital Agreement Act, and it sets forth what specific things must a premarital agreement contain. If you or someone you know is interested in obtaining a Premarital Agreement, contact M&A Law Firm, P.C.  to inquire about what specific things a Premarital Agreement must have. Most importantly, the Premarital Agreement will dictate that in the event of a Judgment for Dissolution of Marriage, Judgment for Legal Separation or Declaration of Invalidity of Marriage, what will happen with the assets and liabilities of each party. The Premarital Agreement will cover what will happen with property distribution, whether one party will be entitled to maintenance (formally known as alimony), what will happen with any real estate purchased prior to or during the marriage, what will happen with the parties’ assets if one of them dies, and many other issues.

Premarital Agreements has received some bad press in recent years. As you see in movies or on your favorite telenovela, one spouse is extremely upset over having been asked to sign a Premarital Agreement and they see signing such a document is a lack of trust that their love will flourish forever. However, having that mindset is a misconception of what a Premarital Agreements are designed to do. It is a tool that is used to protect the assets that you have accumulated prior to marriage. It was also designed for those individuals who have a lot of wealth and want to protect themselves from “gold-diggers”, people with ulterior motives who marry you only for money. It is extremely vital that if you want your assets to remain yours in the event of the divorce, speak to our family law attorneys at M&A Law Firm, P.C. so they can help you answer any question about what a Premarital Agreement can do for you.

If you are an individual with a considerable amount of wealth, and you do not have a Premarital Agreement signed prior to marriage, in the State of Illinois, your spouse is entitled to 50% of your assets accumulate during the marriage, may be entitled to maintenance and may leave you completely broke. To determine whether or not a prenuptial agreement may be a beneficial tool for you and your spouse, contact us at M&A Law Firm, P.C. for a free consultation.


[1]However, every premarital agreement is different, and every case is different. It is possible for the premarital agreement not to cover everything. If you have any questions regarding entering into a premarital agreement, please seek the advice of a family law attorney.


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