An Elmhurst Prenuptial Agreement Lawyer Helping to Secure Your Assets

Prenuptial Agreements

A prenuptial agreement is a contract entered into by two people prior to marriage and includes provisions for the distribution of assets and debts in the event of divorce. It requires complete and full disclosure by both parties.

According to Jennifer Baker of the Forest Institute of Professional Psychology, 50% of first marriages, 67% of second marriages, and 74% of third marriages end in divorce. Having a prenuptial agreement does not mean a couple is anticipating a divorce, but having one should be viewed as a safeguard.

A prenuptial agreement requires a full and complete disclosure of both parties’ assets, and allocates how assets and debts will be distributed in the event of divorce or death of a party.

A prenuptial agreement is important to keeping non-marital and marital finances separated, protecting the parties from debts brought into the marriage, and providing for children from prior marriages. However, a prenuptial agreement is not able to address any children’s issues. An Elmhurst prenuptial agreement lawyer from our firm can help you navigate this contractual process under our expert guidance and direction.

Postnuptial Agreements

A postnuptial agreement is similar to a prenuptial agreement except it is executed during the marriage. A postnuptial agreement is entered into in contemplation of a continuing, viable marriage. To create a postnuptial agreement, it is essential that both parties make a full and complete disclosure of all assets, liabilities, and income. A postnuptial agreement will address gains, appreciation, and losses with respect to the parties’ assets, and provide for maintenance as well as prospective inheritances and gifts. A postnuptial agreement can also correct any defects in a prenuptial agreement or amend the prenuptial agreement.

A postnuptial agreement is utilized for reconciliation purposes when a couple has experienced marital difficulties or when there has been a change in the financial circumstances of the marriage.

Whether you are considering entering into a prenuptial agreement or postnuptial agreement, it is important to meet with legal counsel to determine your rights and obligations. For further information, please contact the Law Offices of Laura M. Urbik Kern today to see how we can help you. Our Elmhurst prenuptial agreement lawyer is prepared to help you safeguard your personal assets and create a structured plan that secures your financial future.