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Posted on in Family Law

McHenry County divorce attorney, property division in Illinois, property division, marital property, non-marital property, retirement accounts and divorce, joint bank account, equitable distributionWho gets the house? Which one of us can keep the car? What will happen to my retirement account?

These sorts of questions are often some of the first on the minds of those contemplating divorce. Property division is one of the most important parts of the divorce process, and it is often surrounded by several myths and rumors. However, much of the property division process is centered around two questions: “What gets divided?” and, “How does it get divided?”

What Gets Divided?

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Posted on in Divorce

divorce, fighting a prenup, McHenry County divorce attorney, prenup, prenuptial agreement, property division, spousal support, overcoming a prenupMany people who are about to get married, particularly those with high net worth, choose to enter into a premarital agreement beforehand. Premarital agreements, also referred to as prenuptial agreements or prenups, are contracts between the two people about to get married detailing what should happen in the event of a divorce. These prenups are legally binding contracts, and courts will often enforce them, but like many contracts, the spouses may have legal arguments available to them that would nullify the contract. In fact, an ongoing and contentious divorce that is currently happening in Illinois highlights some of these arguments. That case, which involves a divorce between a hedge fund manager and his wife, demonstrates two of the most common arguments to invalidate a prenup: improper financial disclosures and coercion.

What Are Prenups?

Prenuptial agreements are contracts that spouses enter into prior to a marriage to decide how certain aspects of their divorce would play out. For instance, spouses who choose to enter into premarital agreements can determine things like property division and spousal support, so that the court does not have to deal with those issues during the divorce. In general, the prenup can outline the rights and responsibilities that the spouses have towards each other during the divorce.

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