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Prenups, postnups, and the way these documents help you

About a month ago, we wrote a post about prenuptial agreements. These contracts provide vital asset and liability protection to the spouses who agree to them.  A prenuptial agreement can be used for many purposes, including property division and protection in light of a divorce.

Prenuptial agreements can still suffer from social stigmas that may cause couples to avoid them. While the choice of using a prenuptial agreement or not is ultimately up to each couple, they should know that prenups can be very helpful in the future. Prenups are not contentious or "anti-marriage".   Instead, they provide legal protections and certianties that the spouses can use to make their divorce less stressful, more efficent, cost effective, and provide security for their valuable assets and family businesses.

Additionally, prenups are not reserved for the rich. Anyone can get a prenup, but only you can decide if a prenup is right for you, your family, your liabilities, and your assets. What should you consider if you are thinking about using a prenup?

If you have significant assets, such as substantial savings or pieces of property; if you are expecting to receive a large inheritance; if you have kids from a previous marriage or relationship; or if you own part of, or all of, a business then a prenup can adequately and effectively address these issues.

In the event you have already walked down the aisle without getting a prenup and are now considering this contract, do not worry. Postnuptial agreements function in a similar manner to prenups, but are signed after you are married. As always, when you are considering these legal documents, it is imparative you consult with an attorney experienced in this area of law.

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Goddard & Malmquist
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Barrington, IL 60010

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