Everything You Need To Know About Prenuptial Agreements

Contrary to popular terms, marital agreements are not just gears for movies and television shows. They`re not just for the rich! While it may be complicated at first glance, a prenup is something you and your fiancé should definitely discuss. To help you understand all there is to know about the legal agreement, we spoke with Jennifer Guimond-Quigley, a licensee and managing counsel at the Jennifer Guimond-Quigley law firm in Chicago, which focuses on family law, estate planning and management. Named Rising Star by Super Lawyers magazine in 2016, 2017 and 2018, Guimond-Quigley received the Top 10 Under 40 Award from the National Academy of Family Law Attorneys. Guimond-Quigley is the source for Illinois couples looking for marital information. Read our interview below! While marital agreements aren`t as funny as thinking wedding or honeymoon cakes, they can help you avoid financial problems later in life. Some couples may feel that a prenup has a divorce osmosis, but it can actually be a great opportunity to come to the same side to plan your future together. Now that you understand what is good and bad if you have a marriage agreement, you can better determine if this is the right decision for you and your spouse. Remember, you should just evaluate whether it`s a good idea to have an agreement based on your personal financial situation. No one else should dictate whether you should have a prenup or not.

It`s always a personal decision. Knowing how to enjoy a marriage contract and how not to do it is one thing, but whether you really need it is another thing. Before you have a conversation with your partner, you should know if it`s worth it. Here are a few questions you should ask yourself and your partner to help determine if this is the right call: you certainly don`t want a party to feel easy about being pressured or forced. We want it to be a really fair trial, where everyone feels they have all the time they need to check everything… without feeling like you`re in a fast pot. Warning: If you create a trust without a marital contract, you may have little or no protection, as a court may consider the assets of the trust`s marital property to be subject to division. Signing your spouse in a marriage pact would prove that you did not use trust to fraudulently transfer your property out of your spouse`s reach.

While there is no requirement that you and your spouse be represented by separate lawyers when developing a marriage agreement, both parties must have the opportunity to retain independent legal counsel. Also be aware that a judge may consider the agreement more carefully if a lawyer represents both parties.

About Author HappyLegs

HappyLegs is a small hobby kennel located on 18 acres just north of Ann Arbor, Michigan. We have been breeding champion and companion bullmastiffs since 1986. HappyLegs is an AKC Breeder of Merit and in 2016 we were honored as the American Kennel Club Breeder of the Year.