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Marriage is a legal commitment that significantly impacts both spouses’ rights related to property, finances, support, and assets. Similar to every state, Illinois has statutes that govern how a married couple’s property is divided upon divorce, and whether one spouse is entitled to financial support from the other. In the event of a divorce, couples who choose to create an agreement either before (pre) or after (post) can bypass the statutes and decide for themselves how to divide their property, and if one spouse is entitled to financial support.
Premarital and postmarital agreements are legal contracts. Like any binding agreement, they should be negotiated and drafted by a seasoned attorney with expertise to ensure the client’s rights are adequately protected by a clear and unambiguous document. These agreements allow the couple to obtain control of their assets and decision making to bypass the state’s statutes. The attorneys at Berger Schatz excel at this, helping prospective and current spouses reach an agreement that’s right for them.
Individuals with substantial wealth, complex assets (long-term business investments, partnership interests, share in closely held businesses, intellectual property, unvested or restricted stock, etc.), those who earn a substantial income, those who acquire substantial assets or liabilities during their marriage, are all advised to consider an agreement. These agreements preserve their ownership of some or all of that wealth, classifying it as separate property during their marriage. In the event of a divorce, this agreement can also outcome ongoing financial obligations (if any) that each spouse will have.
