Assigns debts. Marriage contracts can determine how debt liability is distributed among the parties to prevent the two spouses from sharing the holding of the debt. When a marriage ends in separation, death or any other event, a marital agreement may decry information related to the property order. Such an agreement can define the jurisdiction that can move forward, how the children will be raised and where the couple will live. On the other hand, there are some issues that a marriage agreement might not protect. Marriage contracts pay attention to the property concerned as well as to the obligations and rights of each spouse. An example is a house owned by a spouse before the marriage breakdown. A marriage contract may have a provision stipulating that the owner would only be liable for condominium costs related to the property. It can even protect the right to conduct transactions related to the property, such as the owner. B the owner, who has exclusive rights to sell or lease the property. While a marriage agreement can offer a number of benefits, you should be sure that your prenup is valid and that it offers you the protection you need when your marriage ends in divorce. If you would like to learn more about marital agreements and discuss whether a prenup is the right thing to do for you, contact The Stogsdill Law Firm, P.C.
Call us today at 630-462-9500 and give yourself confidential advice from an experienced family lawyer from our DuPage County office. Although most people consider these documents to be only rich, they also have practical goals for couples with means. Here is a brief guide on how a marital agreement can be helpful, as well as other issues that should be considered before you decide to get one. Protects your children`s financial stability. In the absence of a marriage agreement, your spouse can obtain property that your children must have. Makes divorce agreements easier. A marital agreement can help avoid protracted legal proceedings that currently lead to costly divorce lawyers, as the expectations of both partners are clear. Contrary to faith, pre-marital agreements are not just for the rich and celebrities. They allow couples to explain what will happen to their wealth and what support to pay in case the relationship breaks down and separates. It may also include agreements for all children in the relationship. A marriage contract is a contract that lists the ownership of each party and establishes the property rights of the parties in case the marriage ends.