The recently enacted tax law, effective January 1, 2019, will have a number of impacts on divorcing couples. The new tax law not only eliminates the tax deductible allowance of spousal maintenance for payers, but will also have implications on the valuation of closely held businesses and property tax deductions. Alimony Under the New Tax Law…Read More
Second Marriage Prenup
For older couples contemplating remarriage following a divorce, it is important to think through the financial, legal and other issues associated with marrying later in life. Some older adults may be in their peak earning years when considering remarriage, so it is important to consider what your tax burden might be if you decide to…Read More
10 Reasons to Get a Prenup
Although prenuptial agreements are sometimes looked upon as less than romantic, prenups offer couples an opportunity to discuss their mutual financial picture, engage in goal setting and work out financial details in the event of a divorce or separation which will likely minimize conflicts later. If you are not sure whether you need a prenuptial…Read More
Premarital Agreements Lead to Greater Understanding
Premarital agreements are a smart move to protect a business, family gifts and inheritance. Prenups have become more common in recent years, particularly among those who are considering a second marriage, which may include blending children from previous marriages. One of the primary purposes of a prenuptial agreement is to determine financial payments — both…Read More
Prenups Not Just for the Wealthy
Antonio Banderas will pay $65,000 in monthly alimony to his ex-wife, fellow actor Melanie Griffith, as part of their divorce settlement. The property settlement accounts for two different periods in the couples marriage. From 1996 to 2004, the marriage was governed by a separation of assets. In 2004, the couple signed a post-nuptial agreement agreeing…Read More
Illinois Prenuptial Agreements on the Rise …Same-Sex Premarital Agreements Trending
Before you marry and during the marriage, it pays to stay on top of your assets. This rule applies to multimillionaires and small business owners alike. A prenuptial or premarital agreement may be crucial to your finanacial security and must be executed carefully to avoid being thrown out by a court when relationships end in…Read More
Invalidating Prenups in Illinois
When a party desires to challenge a prenuptial agreement in Illinois, different standards apply depending on when the parties entered into the agreement. The principles of the Illinois Uniform Premarital Agreement Act (“IUPAA”) govern any agreement executed on or after January 1, 1990, while common law controls any prior agreements. A premarital agreement covered under…Read More
Money and Divorce
There can be many points of contention between couples that may lead to conflict. Money is one of the biggest sources of marital discord. Disagreements about how much to spend, save or give in charitable donations vary from person to person based on individual belief and experience. When merging marital incomes, these differences can create…Read More
Prenuptial Agreements Trump Indecision
Most couples are reluctant to broach the idea of a prenuptial agreement, not wanting to discuss a possible end to a marriage that is just getting started. However, in reality, a prenuptial agreement is inescapable. Either you and your spouse thoughtfully compose a prenuptial agreement together OR you are at the mercy of the one…Read More
