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What Should Be Included in a Prenuptial Agreement?
Couples in Illinois who are planning a wedding often want to preserve their personal financial interests and protect each other from hostile negotiations in the event of a divorce. The best way to do this is through the use of a prenuptial agreement drafted by an experienced Illinois prenuptial agreement attorney. In our last article, we looked at the factors that could cause a prenup to be invalid. In this article, we will take a closer look at what couples might consider including in their prenup.
What Should We Put in Our Prenup?
Although every prenup will be a little different because each couple has different circumstances and preferences, there are certain things that many couples will find useful. The issues that couples can address in their prenup include, but are by no means limited to:
- Personal Property and Debt from Before the Marriage - This is one of the most common issues couples seek to address in their prenuptial agreement. What will happen to property that was owned individually by one partner before the marriage? For example, if one partner owns a car, will the other partner be allowed to use it without running into joint ownership issues? If one partner has substantial student loan debt, will the other partner help them pay it off? Answering these questions before the marriage takes place can save couples from disagreement and confusion later on.
High Net Worth Individuals Face Unique Challenges During Divorce
Couples in Illinois who have assets or incomes that could categorize them as being “high net worth” are often seen by outsiders as being uniquely privileged or immune from the struggles of life. Unfortunately, this is not the case, and - at least when it comes to divorce - having a high net worth can present individuals with particularly challenging problems.
Dividing marital property in the form of complex financial instruments, determining unusual amounts of spousal maintenance and child support, and handling the tax implications of divorce are just a few of the problems that must be solved. Even if you do not consider yourself wealthy, if you own assets worth a million dollars are more, it may be helpful to consult with a qualified Illinois divorce attorney with experience in high net worth divorces.
Spousal Maintenance and Child Support
How Are High-Value Assets Divided in an Illinois Divorce?
Over the course of a marriage, couples accumulate assets that must be divided if they get divorced. Sometimes these assets, such as vehicles and savings accounts, are fairly straightforward. Other times, assets are complex or of substantial value and dividing these assets can prove more challenging.
Illinois requires marital property to be divided in a way that is fair, rather than 50/50. While this gives divorcing individuals more freedom to negotiate the asset division process, it is important to recognize common types of high-value assets and how they are handled during divorce so you can ensure you get your fair share of marital assets.
Common High-Value Assets
Although high-value assets are unique and each couple’s situation is different, certain types of these assets commonly appear during the asset division process. These include, but are not limited to:
- Personal or family businesses - Businesses are often complex organizations with many debts and assets. Dividing businesses during divorce can prove very complex, as the business first must be valued and then each spouse’s share of the business determined. Unfortunately, sometimes this has such a detrimental impact on the business’s value that it may close following a divorce.
What Is the Difference Between Parental Responsibilities and Parenting Time?
Couples with children in Illinois who are separating or getting divorced will need to create a shared parenting plan to address issues related to the children. Although this can seem like a daunting task, especially if parents find it difficult to get along, Illinois law has recently changed to make modern parenting arrangements easier to create.
When creating a parenting plan, parents must address two main areas: Parental responsibilities and parenting time. These two areas share some overlap and are both important, but it is important to understand exactly what they are and how they differ.
Parental Responsibilities
The term “parental responsibilities” refers not only to time spent with children, caring for them and ensuring their needs are met but also to the authority parents have to make important decisions for their children. Included among these issues are:
How to Address the Right of First Refusal in Your Illinois Parenting Plan
There are many different pieces to an effective parenting plan, and something called the “right of first refusal” is one of the most important. Understanding the right of first refusal, and how it can help you spend more time with your children, is essential to creating a parenting plan that works for you. In this blog, we will answer some common questions about the right of first refusal and how it can benefit divorced parents in Illinois.
What Is the “Right of First Refusal” in Illinois?
When making decisions regarding the allocation of parental responsibilities and parenting time agreements, Illinois courts and judges prioritize the wellbeing of children above all else. In recent years, an abundance of research has been done that supports the idea that children do best when both parents have an active presence in their lives. This means that, whenever it is safe and possible to do so, courts will give preference to parenting plans that allow each parent to maximize the time they spend with their child.
What Happens if You Violate the Terms of a Parenting Plan in Illinois?
Divorces, and the accompanying disputes about parenting time and allocation of parental responsibilities, are exhausting. Unfortunately for some parents in Illinois, the troubles do not end with the divorce. Some parents refuse to adhere to the terms of the parenting agreement, causing problems for the children and headaches for their other parent.
But parenting agreements are legally binding orders, and there are strict rules regarding their implementation. Parents cannot simply decide which parts of the agreement they will not follow. In addition to the harm done to the children and the working relationship with the other parent, violating the terms of the agreement can result in serious legal consequences.
Enforcing a Parenting Order
To bring violating parents into compliance, Illinois allows parenting order violations to be tried as a civil and a criminal offense. The first two times a parent violates the order, it is considered a minor offense. Even with a minor offense, the violating parent can face changes to the parenting schedule, fines, and even jail time. The third time a parent knowingly violates a parenting order, the violation is a Class A Misdemeanor, which carries larger fines and potential prison time.
What Should We Include in Our Illinois Parenting Plan?
Making arrangements for your children during a divorce is a difficult process. It requires the understanding that, no matter what disagreements you have with your spouse, your children need both parents and that this will take some level of cooperation from you both. Tensions can run high and parents often struggle to create a mutually acceptable parenting plan.
Mediators and attorneys can help parents understand their options and negotiate a compromise. In this blog, we will discuss some of the things that parents need to include in their parenting plans. Keep in mind that this is not intended to be legal advice. Your attorney is the best source of information for any questions you may have.
Living Arrangements and Schedules
Illinois recognizes that children do best when both parents are involved in their lives. Judges and courts will encourage involvement from both parents whenever possible, so children will often be spending time between two households. When creating a parenting arrangement, parents will need to consider the distance between each other’s homes and the time and expense involved in moving children back and forth. Although spouses may be tempted to live as far away from each other as possible, this can pose significant challenges for facilitating future visits between parents.
What Factors Could Invalidate a Prenuptial Agreement in Illinois?
Many couples decide to create a prenuptial agreement together before they get married. Although nobody wants to think about their impending marriage ending in divorce, the period before the marriage is actually a great time to negotiate a prenup because partners have plenty of goodwill towards each other and want to look out for each other’s best interests.
Unfortunately, many people discover that the prenuptial agreement they created is not legally enforceable. Even worse, they generally find this out at the worst possible time - when the divorce proceedings have begun, and they are depending on their prenup to hold up in court.
This article examines the most common factors that cause prenups to be invalid. If you have questions about your personal prenup, an experienced family law attorney is the best person to give you advice.
Lack of Financial Transparency
Because the primary purpose of a prenuptial agreement is to protect spouses’ financial interests in the event of a divorce, a prenuptial agreement must contain accurate and complete financial information from each spouse. If a spouse was not honest when the prenup was being created, then the other spouse made decisions based on invalid information - and that might make the prenup unenforceable.
Should I Return the Engagement Ring or Other Gifts if We Get Divorced?
Engagement - and the sparkling, expensive piece of jewelry that typically accompanies it - is the subject of many romantic movies and books. The internet is replete with articles detailing exactly how much a man can expect to spend on an engagement ring, and in a new marriage, a ring is often a couple’s most valuable asset.
Unfortunately, not all relationships end up as happy and hopeful as the moment of engagement. When an engaged couple breaks off the engagement or a married couple decides to get divorced, there are often questions about what happens to the engagement ring or other gifts couples have purchased for each other that might be considered marital property.
What Happens to the Engagement Ring if We Do Not Get Married?
The fate of an engagement ring depends on who broke off the engagement, but generally, it must be returned. Illinois law has determined that if the recipient of the ring breaks off the engagement, she must return the ring. Likewise, if a couple mutually ends the relationship, the ring must be returned.
Five Facts About Military Deployment and Parenting Time in Illinois
Divorced American military families face unique challenges when navigating issues regarding parenting responsibilities and parenting time. Arranging for the care of a child during deployment, ensuring the child can visit with extended family during deployment, and catching up on lost time when the parent returns are all things military parents in Illinois must manage.
Fortunately, Illinois law recognizes these challenges and allows for special accommodations. Here are five facts about military deployment and parenting time in Illinois.
Facts for Deployed Military Parents in Illinois
Military parents can request that courts allow for make-up parenting time before or after deployment. This must be in the best interests of the child, and the parents’ schedules and circumstances must allow for it. The court order will specify who must fulfill certain responsibilities. For example, if divorced parents live in different states, they will have to decide who is responsible for paying to transport the child from one state to the other.
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