Every marriage involves agreements, but a lot of couples forget that the agreements they made before marriage can have negative effects if they were to divorce. An official contract between an unmarried couple that carries through to the marriage is called a prenuptial agreement, or prenup for short. Prenuptial agreements commonly state which individual is tied to financial obligations and assets such as investments, mortgages, and debts. Additionally, a prenup may identify the owner of tangible assets such as cars and boats. These premarital agreements are legally binding if they’re completed properly, even when divorcing. If you’re searching for more information regarding how prenuptial agreements affect your divorce, read our guide below.As we previously mentioned, finances are usually at the forefront of any prenuptial agreement; unsurprisingly, it’s the same during a divorce. In fact, the primary reason a dissolution of marriage takes as long as it does is because partners can’t agree on the division of assets. Many individuals falsely presume they deserve half of their partner’s assets, while that’s a general rule of thumb in some cases––a prenup prevails that “rule.”Naturally, everyone in a divorce wants the other person’s assets but none of their debts. Many prenuptial agreements state who’s responsible for debts, especially if the debts were incurred prior to marriage. The division of both assets and debts can vary by state and by what the judge finds appropriate. The judge will likely honor whatever the terms are that you both agreed to.Most divorcing couples want to avoid court time as much as possible, and they state so in a prenuptial agreement. It’s not uncommon to find a prenup that requires couples to attempt mediation before going to court. If you each agreed to mediation, you must follow that agreement. In the event mediation doesn’t solve your dispute, then you may proceed with summoning your spouse to court.It’s possible for you to challenge a prenuptial agreement with an experienced attorney, especially if you have a legitimate reason to challenge. Although, it’s important that you consult with an attorney before attempting to overturn the contract.If you’re looking for an attorney to assist with prenuptial agreements in Illinois, look no further than Schiller DuCanto & Fleck, LLP. Our attorneys always work with our client’s best interest in mind and we take immense pride in doing so. If you have questions, concerns, or would like to schedule an appointment, contact us today. We look forward to serving you.
Jan 31, 2013
How Prenuptial Agreements Affect Your Divorce
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