Mid Marital Agreements in Illinois
When two people marry, they are joining together in love but also joining their finances, including assets and debts. Many have heard of prenuptial agreements, an agreement signed before a marriage that covers various issues, typically involving property and finances. Some couples do not get the chance to obtain a prenuptial agreement, or even think that having one would be necessary, but at some point during the marriage circumstances may change. This is where mid marital agreements come in.
Mid marital agreements, also referred to as postnuptial agreements, can be used for similar purposes as prenuptial agreements. These agreements are often used when one spouse wishes to protect their assets or a family business in case of divorce or set forth financial rights and responsibilities within the marriage to serve their intentions.
At Bruckner Hernandez Legal Solutions, LLC, we have over four decades of experience handling family law matters. We utilize our knowledge, skills, and compassion to understand couples’ situations and develop customized solutions. If you think you may be interested in a mid marital agreement, our team is here to help.
What's Included in a Mid Marital Agreement?
Mid marital agreements can include various topics, depending on your situation. Typically, these agreements contain information regarding the intention of the parties moving forward in terms of their rights pertaining to their marital estate as well as how property, assets and debts would be divided in the event of a divorce in the future. Mid marital agreements are not only for divorce, as they can also set forth details in case of a spouse’s death.
While mid marital agreements can cover many of the issues in a divorce, these agreements do not usually provide for matters involving children. If the couple were to divorce and there are minor children involved, child custody and child support would be up for discussion and negotiating.
Creating a Valid Mid Marital Agreement
Certain legal requirements must be met to create a valid and enforceable mid marital agreement. First and most important, the agreement must be in writing. Oral mid marital agreements are invalid and unenforceable. Second, both spouses must fully disclose specific details, including current assets and income.
Part of the reason couples enter into a mid marital agreement is to spell out how assets, property, and debt will be handled should the marriage end in divorce. If it turns out the information one of the spouses presented was not truthful and accurate, the agreement will likely be deemed unenforceable.
The mid marital agreement must be fair. If the agreement is too one-sided and unfair to one spouse, it will likely not be enforceable. Both spouses must also enter into the agreement voluntarily. If the mid marital agreement is signed under coercion or threat, the agreement is void.
Lastly, the agreement must be validly executed. This means both parties must sign the agreement, and signatures must be witnessed and notarized.
If the agreement meets all of the requirements, it will likely be valid and enforceable, and in case you need it, a court will treat it as such. Having legal representation on both sides is the best way to ensure enforceability.
When A Mid Marital Agreement May Be Right for You
Mid marital agreements are not for everyone. If you are considering a mid marital agreement, it is imperative to discuss this with your spouse and seek legal advice from a family law attorney.
Many couples choose prenuptial agreements, but this can be a touchy subject, depending on the circumstances. The sensitive nature may lead some couples to avoid the topic, skipping the pre-marital agreement altogether. However, if both spouses choose to revisit the subject and are on the same page, a mid marital agreement could be beneficial.
Other times couples already have a prenuptial agreement, but after tying the knot and some passage of time, decide this agreement is not right for them. A mid marital agreement can replace a prenuptial agreement.
In the event of an impending divorce, a couple may decide on a mid marital agreement to streamline the process and avoid legal costs. While a court may not be bound by the agreement, it may cover essential issues, including separation of assets and property or maintenance.
Mid marital agreements can be beneficial for many couples. If you believe a mid marital agreement may be right for you, do not hesitate to contact Bruckner Hernandez Legal Solutions. An attorney can discuss possible options for a mid marital agreement, give you expert legal advice, and answer any questions you may have
Skilled Mid Marital Agreements Lawyer in St. Charles, IL and DeKalb, IL
If you require the assistance of a skilled and understanding attorney, consult Bruckner Hernandez Legal Solutions, LLC today. From start to finish, Rachel Nicole Hernandez & Sandra Petras Bruckner make sure you are comfortable with the process. Call our St. Charles, Illinois, office today at 630-888-0017 or contact us online. We serve clients in Kane and DeKalb Counties, including but not limited to the communities of St. Charles, Geneva, Elgin, Batavia, Aurora, DeKalb and Sycamore.
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Mid Marital Agreements
Mid Marital Agreements are often used when one spouse wishes to protect their assets or family business in the event of a divorce, or to set forth financial responsibilities.