Marriage is a sacred and beautiful union between two people and also a legally binding contract between them. Did you know that when you get married, you and your spouse are automatically entitled to certain rights and responsibilities? These responsibilities can include the right to share in each other’s belongings and income during and after a divorce. If you are contemplating drafting a marital agreement, contact Johnson O’Keefe Attorneys today to schedule a complimentary consultation.
What is a Chicago Marital Agreement
A marital agreement in Chicago, Illinois is a legal contract between two spouses that outlines how their acquisitions and deficits will be divided in the event of a divorce or death. It can also address issues such as spousal support and child custody. Marital agreements can be signed before marriage (prenuptial agreements) or after marriage (postnuptial agreements). While no one wants to think about the possibility of divorce, it is crucial to be prepared and protect yourself and your assets. This is where a marital agreement comes in. A marital agreement, also known as a prenuptial or postnuptial marital agreement, is a legal document that summarizes the division of assets and responsibilities in the event of a divorce.
Benefits of a Marital Agreement
If you are in a relationship and considering drafting a marital agreement, below are some of the benefits it can offer. Note these are are just a few reasons why a marital agreement is worth considering:
- Protect your assets: As mentioned above, all marital property is subject to division in case of a divorce. This means that your spouse could walk away with half of your assets, even if you acquired or inherited them before the marriage. A marital agreement can help you protect your separate assets and ensure that they remain yours in the event of a divorce.
- Avoid lengthy legal battles: Dividing assets can be one of the most contentious and time-consuming aspects of a divorce. Without a marital agreement, the division of property could turn out in a lengthy and expensive legal battle. By having a clear and agreed-upon plan in place, you can avoid these disputes and save time and money in the long run.
- Protect your business: A marital agreement can be crucial in protecting your business assets if you own a business. Without one, your spouse may be entitled to a portion of your business in the event of a divorce. This could affect not only the financial stability of your business but also your control over it. A marital agreement can specify that your business remains solely yours in the event of a divorce.
- Provide peace of mind: A marital agreement can provide peace of mind for both parties involved. By having a clear understanding of how assets will be split you can both focus on building a strong and happy marriage without the fear of financial consequences. This can also help to strengthen trust and communication in the relationship.
Requirements for a valid marital agreement in Illinois
It is also important to understand that for a marital agreement to be valid in Illinois, a marital agreement must meet the following requirements:
- It must be in writing and signed by both spouses.
- It must be fair and equitable to both spouses.
- It must be entered into freely and voluntarily by both spouses.
- Both spouses must have full disclosure of each other’s financial assets and liabilities before signing the agreement.
Why Choose Johnson O’Keefe for your Marital Agreement?
If you are considering a marital agreement, it is important to consult with an experienced family law attorney. Our Johnson O’Keefe Family Law attorneys can help you understand the benefits of a marital agreement and draft an agreement that is tailored to your specific needs. Our experienced family law attorneys comprehend the significance of protecting your assets and future. We can help draft a marital agreement that is fair, equitable, and enforceable for you. We will also work with you to ensure that your agreement meets all of your specific needs and goals. Call or text 313-319-4444 and connect with us! Our legal team will be more than happy to review and answer all your questions and help you get started with your marital agreement.