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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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Western Spring divorce attorney spousal maintenance

Leaving the workforce to become a full-time mother or father can be a huge advantage to your children as well as a risky career move. When you first decided to stay home with your children, you probably made the choice because it was in your children’s best interests. You placed your own professional goals on hold for the betterment of your family and trusted that your spouse’s income would sustain you. Now that you are facing the end of your marriage, you may have major concerns about the financial consequences brought on by the impending divorce. Fortunately, Illinois law provides several options that may help mitigate the negative financial effects of divorce for homemakers and stay-at-home mothers and fathers.

Non-Financial Contributions Are Considered 

Spousal maintenance refers to payments that the spouse with a higher income makes to the spouse with the lower income after divorce. If you and your spouse have already reached an agreement about maintenance through a valid prenuptial agreement, the court will likely uphold this agreement. If you do not have a marital agreement addressing maintenance, you have the right to petition the court for spousal maintenance. When deciding whether or not to award maintenance or alimony to a spouse, Illinois courts consider each spouse’s income and property, in addition to his or her needs. They also take into account any impairment to a spouse’s present and future earning capacity caused by child care obligations. The amount and duration of spousal maintenance is usually determined by statutory formula. If the combined yearly income of the spouses is greater than $500,000, the courts may deviate from the statutory formulas.

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Oak Brook family law attorney prenuptial agreement

When people get divorced, they may fear that they will never find love again. If you have met someone special after your divorce and intend to get remarried, you are probably excited to make this important commitment to your new partner. However, you may also worry about the possibility of your second marriage ending in divorce. A prenuptial agreement is a legally enforceable contract that protects a spouse’s rights in the event of divorce or death and helps an engaged couple ensure that they are on the same page before tying the knot. An experienced family law attorney can help you draft this legally binding document. 

Advantages of Signing a Prenup Before Your Second Marriage

Prenuptial agreements or “prenups” are often misunderstood. Signing a prenup does not mean that you think your marriage will fail. However, prenuptial agreements do provide a multitude of benefits if a couple does eventually decide to divorce. During the creation of a prenuptial agreement, a couple decides how they want to handle issues related to property or asset division, spousal maintenance, life insurance policies, retirement funds, and estate planning upon divorce or the death of a spouse. Many engaged couples find that creating a prenuptial agreement allows them to discuss money-related issues openly and honestly. Research shows that financial disagreements are the number-one predictor of divorce in the United States. By discussing concerns related to property and debt before getting married, you and your soon-to-be spouse set yourselves up for a happy, successful marriage.  

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Burr Ridge prenuptial agreement attorney

When a married couple decides to divorce, one of the most pressing concerns often involves the family home. If you are a homeowner and you are considering divorce, you may wonder what Illinois law says about who gets to continue living in the family home and who must find another place to live during the divorce proceedings. As with most family law concerns, the answers to these questions will vary dramatically depending on the circumstances of the case. However, there are some situations in which a spouse may be ordered to vacate the family home.

Negotiating an Agreement With Your Spouse

The divorce process can last months or possibly years depending on the circumstances. If you are like most divorcing spouses, you probably do not want to continue living in the same home as your soon-to-be ex-spouse during the divorce proceedings. In this situation, the easiest solution is for you and your spouse to negotiate an agreement regarding who will stay in the family home during the divorce process and who will move out. You will also need to decide how to pay for the new accommodations. In some cases, these issues may have been resolved ahead of time through a prenuptial agreement or a postnuptial agreement

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Western Springs spousal maintenance attorney

The end of a marriage not only brings dramatic personal changes but also considerable financial consequences. If you are considering divorce, you may wonder how spousal maintenance, also referred to as spousal support or alimony, is handled in Illinois. Maintenance payments can be a significant expense for the payor spouse and a significant source of financial support for the recipient spouse. Disputes about the terms of spousal maintenance can be contentious. That is why it is essential that you seek guidance from an experienced divorce attorney in order to understand how this type of support is calculated and your rights regarding these benefits.

When Is Spousal Maintenance Awarded?

If spouses had previously signed a marital agreement such as a prenup that contains directions regarding spousal maintenance, the court will typically uphold these directions. However, there are many issues that may cause a prenuptial agreement to be declared invalid, such as if it was signed under coercion or it contained fraudulent information about assets.

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Oak Brook prenuptial agreement attorney

Research shows that prenuptial agreements, or “prenups,” are becoming increasingly popular – especially for the millennial generation. Many millennials are getting married later in life compared to their parents or grandparents. They may already own a home, a small business, or have other substantial assets by the time they tie the knot. They may also have accumulated significant debts, such as student loans. A prenuptial agreement is a great way for couples of any age to define and protect their financial rights in the event that their marriage ends in divorce. If you are considering creating a prenuptial agreement, it is essential to know the common mistakes that can make this important legal document invalid.

Financial Transparency Is a Requirement

A prenuptial agreement mainly deals with financial issues such as property or asset division and spousal maintenance (alimony). In order for a couple to come to a resolution about the details of their prenup, they must both fully disclose all of their assets, income, and debts. If a spouse lies about his or her finances, then the terms contained in the prenuptial agreement are based on misinformation. If the couple does end up filing for divorce, and it is determined that the prenuptial agreement was founded upon false financial information, the document may not be legally enforceable.

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DuPage County spousal maintenance attorney

In some divorce and separation cases, a higher-earning spouse is required to make payments to a lesser-earning spouse. These payments are called spousal maintenance under Illinois law, but they are also commonly referred to as spousal support or alimony. There are a variety of reasons that a spouse may be required to make these types of payments. Spousal maintenance arrangements may be stipulated in the couple’s prenuptial agreement, or a large discrepancy in the spouses’ assets and incomes may necessitate maintenance. Whether you are the payor or the recipient of spousal support, you may be wondering how long maintenance payments will be mandated. Like most family law concerns, the answer will depend on several factors.

Spousal Maintenance Duration

If the spouses have signed a valid prenuptial or postnuptial agreement that specifies the terms of spousal maintenance, the court will typically uphold these terms. If the spouses did not have an agreement dictating spousal maintenance arrangements, the court will consider factors such as the spouses’ income, assets, employability, health, impairment to future earning capacity, and other elements to determine whether maintenance is appropriate. Typically, spousal maintenance is intended to give a lesser-earning spouse time to gain the skills and education needed to become self-supporting, and it can also ensure that a person is able to maintain the standard of living they enjoyed during their marriage.

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Western Springs prenuptial agreement attorney

Prenuptial agreements, or “prenups” for short, have long been the subject of misinformation and misunderstanding. Outrageous celebrity weddings, television shows, and movies have shown prenuptial agreements in an unfairly negative light. However, signing a prenuptial agreement before getting married can be a responsible and beneficial decision for many couples. Read on to learn how a prenuptial agreement or premarital agreement can benefit you and your partner in Illinois.  

A Prenuptial Agreement Protects Your Financial Interests

The main benefit of a prenuptial agreement is that it protects the financial interests of both parties should the marriage end in divorce. In Illinois, a divorcing couple’s marital estate is divided according to equitable distribution laws. Through equitable distribution, property and debts are divided fairly, but not necessarily evenly. If you and your soon-to-be spouse sign a prenuptial agreement, you have the option to make your own property division decisions in advance and override these state laws during a divorce.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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