Peoria Prenuptial Agreements
Peoria Prenuptial Agreements Lawyer
Prenuptial agreements are designed to offer couples protection if the marriage, for some reason or another, doesn’t work out. It used to be thought that these agreements weren’t “romantic” or that they were only signed by the rich, famous, and those who had something worth protecting. However, today, these agreements are far more common than most people realize.
Of course, you have to make sure that a prenup is drafted properly and that it doesn’t include any information or terms that aren’t permitted. For example, while you can list in a prenup that one spouse may be subject to making alimony payments, you can’t explicitly list the amount they will be required to pay. That will be determined by the court.
To make sure that a prenuptial agreement is legally binding and fair for everyone involved, it’s often best to hire a Peoria prenuptial agreement lawyer.
What Is a Prenuptial Agreement?
A prenuptial agreement is a document that sets forth the responsibilities and rights of the couples while they are married, as well as if one spouse dies or the marriage ends in divorce. As the name suggests, these are created before the marriage and they must be signed before the wedding to be enforceable. If the wedding doesn’t take place, the agreement becomes invalid.
These agreements are designed to ensure that both spouses are “safe” in the event of certain circumstances. They can designate information about assets, death benefits, shared business interests, financial inheritances, and other elements. Some people even include things in the prenuptial agreement like who gets the boat and who gets the dog.
These agreements aren’t for everyone. However, for many people, it is a valid and useful choice for protection in the marriage. These can provide certainty and peace of mind.
Do you need a prenup? Consider whether you fall under the following circumstances:
- You or your spouse have significant assets.
- There are children from prior marriages.
- One party is much older or wealthier than the other.
- One person owns a business or has business interests.
- One spouse is bringing significant debts with them to the marriage.
- One spouse is retired.
- Either spouse anticipates an inheritance.
- One party is going to support the other to pursue education.
This isn’t an exhaustive list, but it can help you get a better idea of whether a prenup is right for you or if you should consider another type of agreement or arrangement.
What Makes a Prenup Legal and Binding
Certain terms must be followed for this agreement to be enforceable. It must be entered into by both parties of their own free will. If someone signs a prenup under duress, it is ruled invalid and unenforceable. This needs to be in writing and it should only be signed after a “fair and reasonable” disclosure of financial assets, property, obligations, etc.
In some instances, this disclosure can be waived and the agreement can just be put into effect once the marriage has occurred. Of course, some courts may not agree with the terms of your prenup, or they may find that something doesn’t add up, so they could still rule against you if you end up in court.
As you can see, there are several reasons that you could benefit from hiring a Peoria prenuptial agreement lawyer if you’re considering adding a prenup to your marriage.
What to Include
Both parties can include any tangible and intangible assets that they desire in a prenuptial agreement. This includes household items and furniture, personal property, collectibles or high-value items, investments, bank accounts, and liquid assets—basically, whatever people have that’s worth something can be discussed in a prenup to ensure protection for both parties involved.
You should also consider a prenup to protect business interests. In this instance, you would create an agreement that spells out what happens to the business in case of a divorce. If one spouse had the business before the marriage, a prenup is a great place to ensure that the business remains theirs if the marriage ends.
Debts can be included in prenups, such as if one party comes into the marriage with $50,000 in debt from a previous relationship or situation. Some terms ensure that if one spouse files for bankruptcy, they won’t put the community property at risk.
What Can’t Be Included
Typically, prenuptial agreements are not allowed to include things like financial amounts for spousal support payments, child support payments or custody arrangements, and other matters that must be decided by the courts. You also can’t include day-to-day matters, such as who takes out the trash and who pays the bills. Anything that is prohibited by law or deemed unnecessary or unenforceable by the courts should also be avoided.
This sounds quite vague and often creates confusion for people. Fortunately, you no longer have to worry about that because you’re not alone. The Modern Law team is experienced to handle all types of marital agreements, including prenuptial agreements, to ensure that you get the outcome that you deserve. We’ll also help ensure that your prenup doesn’t include terms that can’t be enforced.
The Bottom Line
Prenups are for protection. They’re practical and they provide people with peace of mind. They are not required, of course, but they can be beneficial in several different ways, as you can see. If your partner brings up the discussion of a prenup before the big day, you shouldn’t panic—this doesn’t mean they think that your marriage is doomed before it begins. It just means that they’re practical and they want to make sure that you are both protected.
Contact Modern Law to discuss your needs for marital agreements, including prenuptial agreements in Peoria. We can help you navigate the process and answer any questions that you may have. And when you see just how much peace of mind you get from an agreement like this, you might just change the way you think about prenups in the first place.