What to Include in Your Prenup
A prenuptial agreement can be a powerful tool to protect your assets in the event of a divorce. However, it can be difficult to figure out what to prioritize in your prenup if you have never written one before. An Illinois divorce attorney can guide you through the process of drafting a prenuptial agreement, helping you identify any sources of liability.
At the Law Offices of Tedone and Morton, P.C., we have the legal knowledge and experience to help you draft a proper prenuptial or postnuptial agreement to protect your interests. Our lawyers will take the time to understand what is at stake for you so that we can draft a proper agreement.
Terms for Alimony
Alimony is not always awarded in Illinois divorces, but it may be helpful to decide how you want to allocate alimony ahead of time. If you and your spouse take home roughly the same income, you may decide that spousal maintenance is not necessary. However, if your incomes are uneven or one of you is planning to work less to raise children, you might agree to pay a fixed amount of alimony if you get divorced.
The advantage of deciding on alimony in a prenup is that you know exactly what to expect. If your divorce goes to court, settling alimony through a prenup is one less issue to worry about in your divorce.
Division of Assets
The division of marital property can be a massive point of contention in a divorce – so much so that people are willing to go to trial over it. If you have property that you are not willing to give up, such as a bank account balance, retirement savings, a business, or an inheritance, you can exclude it from division in your prenup.
You and your partner could also decide who gets the marital home in a divorce, or how the proceeds will be divided if you sell it. At Law Offices of Tedone and Morton, P.C., our lawyers can look over your marital property with you to see if anything warrants mentioning in your prenup.
Division of Debts
Many debts and liabilities could be considered part of your marital estate, especially if they were incurred during the marriage. At a judge’s discretion, you could be responsible for your spouse’s credit card payments, car loans, medical bills, student loans, and more.
A prenup or postnup can clearly draw the line between marital and separate debt. Considering how easily liabilities can become commingled in a marriage, this step is almost a necessity. Our divorce attorneys can identify your marital debts so that you are not caught unaware in your divorce.
Meet With a Plainfield, IL Family Law Attorney Today
Drafting a marital agreement may seem intimidating at first, but when done right, it can save you time, money, and energy later. At the Law Offices of Tedone and Morton, P.C., our Will County, IL divorce lawyers can help you create a prenup or postnup that serves your best interests.
Our firm is ready to hear your concerns. Call our offices at 815-666-1285 to schedule a free initial consultation today.