Prenuptial Agreement Illinois
A marriage agreement can be cancelled for many reasons. For example, if a partner was dishonest in declaring assets, they could invalidate the documents based on the severity of the fraud. The declaration of assets worth $500,000, when they do have $550,000, cannot violate an agreement, but the declaration of $500,000 in assets while they have millions of hidden offshore bank accounts could be. In this case, Jennifer admitted that she had voluntarily signed the pre-marriage contract. There was no question as to whether Jennifer was relinquishing her marital rights. Accordingly, the pre-marital agreement between the parties was enforceable unless Jennifer was able to demonstrate, pursuant to Section 7 (a) of the Illinois Premarital Agreement Act, that the agreement was unacceptable at the time of its implementation and that it was not granted, prior to enforcement, a fair and adequate disclosure of Greg`s wealth and financial obligations. In Illinois, a prenup, otherwise known as a premarital agreement or marriage contract, is defined as an agreement between potential spouses entered into in contemplation of marriage and effective in the context of marriage. A lot of debt: Some first-time brides/ees come to marriage with a reasonable amount of debt — whether it`s student loans, credit cards or whatever you have. It`s a non-jugal mistake. After the wedding, they will repay these loans with the money from the wedding. In the event of a divorce, the matrimonial estate is entitled to the repayment of the marital money paid against the non-marital debt. A marital (or post-marital) agreement is a great way to commemorate the amount of debt to be paid and to help the couple recognize the financial impact of marriage.
A pre-marital agreement may address how to deal with certain issues in the event of divorce, but it can also provide protection and clarity for spouses during their marriage. A prenupation can be a useful tool to clarify how each spouse`s existing obligations are met, formulate expectations and ensure mutual financial relief. In addition, a marriage can help preserve a spouse`s financial independence. If a person has worked to build a career in which they can support themselves, a prenup can ensure that they continue to use their financial resources to maintain the lifestyle they have become accustomed to. Some fundamental steps must be taken to ensure that a matrimonial agreement is maintained if it is subsequently called into question. As an Illinois divorce lawyer, I design marital agreements. In general, the stages of taking over are: Jennifer also argued that the content of the agreement was unacceptable. Jennifer testified that the agreement did not have provisions for her as property or support, although she was already heavily dependent on Greg when she complied with the premarital agreement. In support of her argument, Jennifer indicates that she was 53 years old at the time of the agreement; She earned only $7634 this year (2007) and was financially dependent on Greg. She testified that Greg was paying the bills and had not been busy for several years.