Marriage is a huge commitment that involves several legal matters and, if not taken seriously, could result in a potential divorce. Therefore, couples often turn to prenuptial agreements prior to marriage in order to keep their assets accounted for and to potentially save the marriage. For many couples, this is an excellent opportunity to determine marital assets.
Definition of Prenuptial Agreement
A prenuptial agreement is defined as an agreement or arrangement between prospective spouses and is made effective on the date of a marriage. In order for a prenuptial agreement to legally go into effect, the agreement must be in writing and be signed by both spouses.
Process of Establishing Assets
Both spouses can successfully create a prenuptial agreement with regard to their rights and obligations with any property of either spouses whenever and wherever acquired.
The agreement accounts for the right to buy, sell, lease, or exchange certain types of property. The prenuptial agreement can also take into consideration the following factors:
- The use of property after separation, divorce, or death;
- The modification of spousal support;
- The establishment of a will or trust;
- The ownership of the death benefit from a life insurance policy; and
- The changes in the construction of the prenuptial agreement.
Changes in Enforcement of the Prenuptial Agreement
If either spouse does not execute his or her part of the agreement voluntarily, then the prenuptial agreement is not enforceable. If, in the future, the prospective married couple decides to void the marriage altogether, then the prenuptial agreement is only enforceable to the extent needed to avoid an unfavorable result for either spouse.
Contact Your DuPage County Divorce Attorney
Every married couple looks forward to their big day without the thought of filing for divorce in the future. However, if a couple falls on troubled times, a prenuptial agreement can be useful in determining assets for each spouse, and could help to potentially save the marriage.
At Abear Law Offices, we have the legal experience to assist you with any questions that you may have with prenuptial agreements or any family law matters. Attorney Anthony Abear has almost two decades of experience in the family law and divorce practice, and his mission is to help you with your case as efficiently and professionally as possible.
If you are planning to arrange for a prenuptial agreement, please call the skilled Wheaton family law lawyers at 630-904-3033 to schedule your free initial consultation.