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.