Did you know that approximately one half of all marriages in the U.S. end up in divorce? While no one thinks about divorce when they are getting married, these statistics indicate that it may wise to consider a prenuptial agreement before taking the plunge. Read the following guide to get the answers to some of the most frequently asked questions about prenups and determine if it is the right step for you. What Is a Prenup? A prenuptial agreement, also called prenup, is a legal step often taken before marriage to establish financial and property rights in the event of a divorce. Prenups are most commonly used to protect the financial assets or businesses of a wealthy spouse. This document can be drafted by a prenup agreements lawyer in Springfield, IL, or your hometown. Can a Prenup Cover Alimony? Yes. Prenuptial agreements can be used to establish, limit, or eliminate alimony in the event of a divorce. However, a judge can modify the amount if circumstances have changed significantly since it was written. Can a Prenup Cover Child Custody or Child Support? No. Child custody and child support agreements must be determined at the time of the dispute in order to carefully examine and weigh all of the pertinent information in the case. Do Both Parties Need Separate Attorneys? Yes. In order for the prenup to be valid, the court must be sure that each party had the opportunity to seek independent legal counsel and understands the pros and cons of the agreement. Can a Prenup Be Changed or Cancelled? Yes. An experienced prenup agreements lawyer in Springfield, IL, can draft an addendum to the original prenup in the event of new considerations. Prenuptial agreements can also be terminated and often contain a provision called a “sunset clause” that makes the agreement void after a predetermined length of the marriage.
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