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What Is a Prenuptial or Premarital Agreement.
Often, Chicago Russian Speaking Family Law Attorney Tikhvinskiy hear from his female clients that they signed a prenuptial agreement before marriage. However, at the time when they signed it, they did not understand English. As a result, they did not understand what they signed. Here, Chicago Russian Speaking Family Law Attorney Tikhvinskiy will explain how Illinois law regulates prenuptial agreements.
What is a Prenuptial or Premarital Agreement in Illinois.
First, the Illinois Uniform Premarital Agreement Act defines a premarital agreement as an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. Thus, Illinois law does not use the term “prenuptial agreement.” Instead, Illinois statute uses the term premarital agreement. However, in life, people use those terms interchangeably. As you could see from the definition, prenuptial agreement is a contract. That contract allows a couple to decide what will become marital or common property and what will remain each spouse’s separate or non-marital property. Usually, this contract lists the property and debts owned by each spouse and specifies how spouses will divide those assets and obligations when their marriage ends.
What Spouses Can Determine in Prenuptial or Premarital Agreements in Illinois.
Previously, Chicago Russian Speaking Family Law Attorney mentioned that spouses can address property issues in prenuptial agreements. Before marrying, they can specify what property will marital or non-marital property. Additionally, spouses could address spousal maintenance issues. They can determine how much spousal maintenance a person will pay if their marriage ends. Next, a prenuptial or premarital agreement could be a convenient estate planning tool. If the spouse has children from a prior marriage, a premarital agreement can address what property those children will get after their parent dies. However, a couple cannot include questions of child support or allocation of parental responsibilities in premarital or prenuptial agreements.
Prenuptial or Premarital Agreements Are Becoming More Popular in Illinois.
Prenuptial or Premarital Agreements becoming popular because of the following reasons. First, people started to marry later in their lives. For example, in late thirties. As a result, they have more property to protects and debts to share. However, more and more young people started to realize that prenuptial agreements are not only for “old” people. Next, a lot of people have already understood that premarital agreements could promote trust between spouses. People learn to communicate and to negotiate between each other before the marry. However, Chicago Russian Speaking Family Law Attorney always warns that people should understand the terms of premarital agreement and what they are signing. When one spouse forces another to enter into a premarital agreement, that could make it void.
In Illinois, Prenuptial or Premarital Agreements Could Be Invalidated.
There are several reasons when a court can invalidate a prenuptial or premarital agreement. First, it could happen when one party does not have a lawyer. Chicago Russian Speaking Family Law Attorney recommends that every party should pay for his ore her own lawyer. Second, both parties should disclose everything what they own. Of course, the agreement should be inwriting. Both parties must sign it as well. It is extremely important that future spouse should understand what they are signing. If your spouse does not understand English very well and signs a premarital agreement that is in English, there is a huge chance that the court will invalidate that agreement. That happens very often in international marriages.
Chicago Russian Speaking Family Law Attorney Will Answer Your Questions about Prenuptial Agreements.
If you want to sign a premarital agreement you should seek help of experienced Chicago Russian Speaking Family Law Attorney. As you could see, if a premarital agreement was drafted and executed incorrectly, the court will invalidate it. This will have disastrous results. Thus, you should seek help of Chicago Russian Speaking Family Law Attorney. Moreover, if you think that you were forced to sign a premarital agreement or if it is grossly unfair to you, Attorney Tikhvinskiy could answer whether your prenuptial agreement is valid or not. If you have any question concerning prenuptial or premarital agreements, call of Chicago Russian Speaking Family Law Attorney. The first consultation is free and confidential.