With over ten years of experience as a family law attorney, Lulu Smith is an expert in the field of postnuptial agreements. Lulu is devoted to delivering clear and comprehensive information while assisting couples in navigating the complications of postnuptial agreements.
Lulu Smith released an article explaining the importance of postnuptial agreements in marriages. Attorney Smith says that her firm helps secure postnuptial agreements in Illinois for couples.
According to the lawyer, a postnuptial agreement is a legal contract between two married individuals that explains each spouse's rights, duties, and financial liabilities should their marriage come to an end. This type of agreement is typically used when a couple's circumstances have changed, such as a significant change in income, the birth of a child, or the purchase of a new home. It can also protect assets such as investments, real estate, and business interests or address issues such as spousal support and marital property division.
"Marriage is not only an emotional contract but also a financial one," states attorney Lulu Smith.
"Two individuals who decide to marry agree to share their lives and belongings; regrettably, if the marriage fails, the couple may learn that they might have benefitted by having their assets and debts specified. This is when postnuptial agreements come into play," she adds.
The lawyer mentions that postnuptial agreements in Illinois must fulfill four conditions to be declared legal. These conditions are as follows:
- Both couples must engage in the arrangement freely and without coercion.
- Both spouses must fully disclose all assets, debts, and income before signing the agreement.
- Both spouses must have independent legal representation when signing the agreement.
- The agreement must be in writing, signed by both parties, and notarized.
In her article, Smith mentions that once a postnuptial agreement is signed, it becomes legally binding and enforceable in the state of Illinois. The agreement takes effect on the day of execution and remains in force until either spouse agrees to terminate or change it. Furthermore, in the event of divorce, the agreement will be considered when determining property division. The agreement will be considered for calculating the distribution of assets and liabilities in the case of death.
According to the lawyer, postnuptial agreements are an essential tool for protecting both spouses in the event of divorce or death and can help ensure their wishes are fulfilled. She mentions that it is vital for couples to consult with an experienced attorney before entering into a postnuptial agreement to ensure that the agreement meets all legal requirements and is appropriately drafted.
Please visit the link below for additional information about postnuptial agreements, or email admin@postnuptialagreement.net to connect with an expert family attorney for a consultation.
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