Glen Ellyn is an affluent suburb of Chicago with close to 30,000 residents. Glen Ellyn has approximately 8,000 households, and around 60 percent of those households contain married couples. Additionally, about 30 percent of the households have minor children. It is an unfortunate reality that approximately half of all marriages end in divorce. When a couple decides to end their marriage, deciding how to divide any property and assets can be a contentious issue. If you need assistance with a family law issue, such as drafting a premarital agreement or filing a petition for dissolution of marriage, it is important to retain a skilled Glen Ellyn divorce lawyer who can diligently pursue an outcome that is in your best interest. The attorneys at Kollias & Giese, P.C. are proficient in navigating family law disputes in Illinois courts and will work tirelessly to help you seek a successful result.Premarital Agreements
Many residents of Glen Ellyn have significant assets and may wish to protect those assets in the event of a divorce. Premarital agreements are a prudent option for safeguarding assets prior to entering a marriage. A premarital agreement is a contract that is devised by parties who intend to marry, which is effective upon their marriage. A premarital agreement delineates which assets or debts are considered separate property or obligations and how property will be divided in the event of a divorce. Additionally, a premarital agreement can state whether any spousal maintenance or support will be available to either party in the event of a divorce. It is important to note, however, that under Illinois law, a premarital agreement cannot affect a party’s right to child support. Our divorce attorneys can advise Glen Ellyn residents on what it can and cannot cover.
While some people may be hesitant to enter into a premarital agreement for fear that it signifies an indication that a marriage will not last, it is practical and can prevent a protracted and contentious battle if the parties do decide to end their marriage. Additionally, premarital agreements can designate how property should be distributed in the event that either party dies, which can be beneficial in cases in which one spouse has a child from a prior relationship and wants to ensure that the child is protected in the event of his or her death.
Prior to entering into a premarital agreement, the parties must each disclose their financial information, including any assets or debts held by each party, or waive the right to disclosure. A failure to disclose financial information without a waiver can result in the invalidation of a premarital agreement, so it is important to provide thorough and accurate information. A court may also refuse to enforce a premarital agreement if it finds that the agreement was not completed voluntarily or is unconscionable. If you wish to enter into a premarital agreement prior to getting married, it is important to retain a capable Glen Ellyn divorce attorney to assist you in determining the essential terms of the agreement so that you can protect your assets in the event of a divorce.Division of Property in a Divorce
In cases in which a divorcing couple does not have a premarital agreement, their property and debts will be distributed in accordance with Illinois law. Under Illinois law, any property acquired during a marriage is presumed to be marital property, with certain exceptions such as property obtained via a gift or legacy, as well as property acquired in exchange for property that either party obtained prior to the marriage. The Illinois family courts will divide any marital property and debts in an equitable manner, which does not necessarily mean that they will be divided equally. The courts consider factors such as each spouse’s contributions to the property, the duration of the marriage, and each spouse’s economic circumstances in determining how to divide assets.Meet with a Skilled Family Law Attorney
If you wish to protect your assets prior to entering into a marriage, or you wish to pursue a divorce, it is important to consult a skilled family law attorney who can explain your options and assist you in protecting your rights. At Kollias & Giese, P.C., our experienced attorneys are mindful of the sensitive nature of family law disputes and will diligently pursue an equitable outcome in a discreet manner. We can be contacted at (630) 407-1200 or through our online form to schedule a conference with a divorce lawyer in the Glen Ellyn area.