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DuPage County family law attorney prenuptial agreement

A prenuptial agreement, typically known as a prenup, is a written contract created by two individuals prior to their marriage. This legally binding document establishes the future of any separate and marital property and/or assets, debts, and estate plan for each spouse in the event of a divorce. The state of Illinois has its own laws on what can and cannot be included in a prenuptial agreement, so before you sign on the dotted line, make sure to consult with a knowledgeable family law attorney to verify the validity.

Important Issues to Address in a Prenup

A prenup is not a one-size-fits-all arrangement, meaning the elements that one couple may address in their agreement might not be appropriate for another couple’s situation. However, the topics listed below are a few general ideas you may want to consider including in your agreement:

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equitable distribution, asset division, Kane County Divorce lawyersFor a large number of divorcing couples, property division is among the most challenging aspects of the entire divorce process. Of course, much of the difficulty depends on how long a couple was married and how much property they accumulated during the marriage. Couples with few or no assets of significant value may be able reach an agreement rather easily, while couples with more complex concerns may end up having to finalize their arrangement through court proceedings. When the court gets involved, the division of property in divorce is governed by the state’s equitable distribution guidelines.

Determining and Valuating the Marital Estate

Prior to the application of equitable distribution principles, the court and the couple must establish what is to be considered marital property. A previous post covered marital and non-marital assets in greater detail, but, in short, marital property is any property acquired by either spouse during the marriage, with certain exceptions for assets such as gifts or inheritances.

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