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Ways to render a prenuptial agreement invalid

Previously, this blog discussed prenuptial agreements and how they can prove beneficial to those who are seeking to protect their interests in the event of divorce. These documents can ensure that property division and spousal support matters are addressed in accordance with the parties' desires at the time of marriage. Yet, as many of us know, people and their wishes can change over the course of time. Therefore, when a couple decides to get divorce, one or both parties may suddenly find the terms of the agreement unfair. In these cases, it may be wise for an individual to consider whether he or she can find a way to invalidate the agreement.

There are a number of ways that a prenuptial agreement can be rendered invalid. First of all, if the agreement was never reduced to writing, then it likely will not be upheld in court. Second, one may be able to invalidate a prenuptial agreement if he or she can show that he or she was pressured into accepting the agreement despite him or her not wanting to accept it. Similarly, those who did not have adequate time to consider the agreement prior to signing it, as well as those who did not read the agreement before entering into it, may have a valid reason to seek invalidation.

What are the benefits and drawbacks of a prenuptial agreement?

Choosing to get married can be one of the biggest decisions of your life. While you are tying yourself emotionally to another person for what could conceivably be the rest of your life, you are also agreeing to share your financial lives. This means that assets and liabilities alike can become shared. This may be beneficial while you are married, but in the event that you divorce, you may get stuck with debts and lose a significant amount of money through the property division process.

Many Illinois and Indiana residents find this potentiality frightening, which is why they turn to legal agreements. A prenuptial agreement is essentially a contract you enter into with your soon-to-spouse detailing how assets and debts will be handled in the event of divorce. It can spell out how certain family law matters will be handled, including property division and spousal support. It can't, however, address matters like child custody and child support.

Make a plan to address credit card bill balances

The end of each year is a rough time for many people who use credit cards to cover holiday expenses. This means that throughout the following year, they are left to try to pay off those debts so that they can charge things on the cards for the upcoming holiday season.

No matter what balances you have on your credit cards, you can make plans to get the balances paid down. The first thing that you need to do is to sit down and figure out what you are facing. This might not be a fun task, but it can help you along the way.

Estate planning and estate debts

Creating a thorough estate plan is crucial to ensuring that your estate and your loved ones are as financially protected as possible under the circumstances. By creating wills and trusts, you can make sure that your assets are passed down in accordance with your wishes. Utilizing powers of attorney and health proxies can help ensure that your best interests are protected in the event that you are suddenly incapacitated and unable to make decisions for yourself.

While much of estate planning is about determining how to handle one's assets, it is just as important to consider your debts. Depending on the circumstances, debts may be dealt with in one of a number of ways. Generally speaking, many debts, like credit card debt, dies with the account holder. However, these debts are usually repaid from the estate. If there is not enough value in the estate, then the debt is forgiven. On the other hand, debt that is held jointly with another will still be owed by the living debt-holder.

Illinois firm offering an individualized approach to family law

Marriage is often referred to as "tying the knot." If that is the case, that it is fair to say that many Illinois and Indiana couples find that knot frayed and tangled when they try to untie it through divorce. Yes, marriage dissolution can be messy, as many individuals struggle to prevent emotions from guiding their decisions, but parties to a divorce need to stay calm and level-headed if they want to stand a chance of reaching an outcome that leaves them best prepared for their post-divorce life.

There are a number of family law issues that must be handled competently through divorce. Child custody, child support, property division and alimony can all play a vital role in one's divorce. What is most important is that a divorcing individual finds which issues matter most to them. Then, they need to create a legal strategy that furthers their goals. Once this step is complete, then an aggressive advocate can make the legal arguments that are oftentimes necessary to secure the desired outcome.

Changes made to Chapter 13 bankruptcy processes

The procedures followed for successful bankruptcy discharge are dictated by federal law. As such, changes to the law can change the way an individual approaches his or her personal bankruptcy. Recent changes to the Chapter 13 bankruptcy code may provide additional benefits to debtors. Those considering seeking bankruptcy protection should familiarize themselves with these changes, ensuring they are taken advantage of throughout the process.

The changes, which went into effect on December 1st, are numerous. To start, creditors who are seeking to recover a secured claim must file a proof of claim under Chapter 13 bankruptcies. Failure to do so will disallow them from becoming part of a payment plan. Second, creditors must file their proof of claim within 70 days of the bankruptcy filing, which is shorted from 90 days. Debtors are also now allowed to request that judicial liens be removed without pursuing additional legal action outside of the Chapter 13 bankruptcy filing.

Set the standards for your co-parenting relationship

Child custody cases are often a challenge for the parents. These cases put two adults who couldn't make a marriage or relationship work in a situation where they must find a way to get along. When you and your ex opt to co-parent, you might find that there are specific challenges that come up.

You might use a new month, year or custody order as the boost you need to set the standards for your co-parenting relationship. If you are in this position, here are some points that you need to consider:

Health proxy can play pivotal role in estate planning

We all make plans for the future. If you have ever engaged in or thought about estate planning, then you may think that it involves deciding how assets will be protected and distributed upon your death. While you're not incorrect in that form of thinking, estate planning can encompass a broader area. One major issue that should not be neglected in an estate plan is your healthcare. By creating certain health directives, you can ensure that your wishes regarding your medical care will be abided by when you are unable to make decisions on your own.

One way to do this is to designate a health care proxy. A health care proxy is an individual you name who will make medical decisions for you in the event that you are incapacitated. Choosing your health care proxy should be done with extreme care, as this individual may make life or death decisions in a time of emergency. If you have any doubts, such as how one's personal views will conflict with your personal wishes, then you should consider choosing someone else. Also, you may want to think about naming successive health proxies in the event that your first choice winds up unavailable during your time of need.

Some may unknowingly be pushed into certain types of bankruptcy

Debt is not the easiest thing to deal with. Most are aware that there are a variety of bankruptcy types and debt relief options available to them. Choosing the right path to pursue is wholly dependent upon one's circumstances and their desired outcome. This is why it is critically important that those who are facing overwhelming debt ensure that they are fully informed before taking any legal action.

To see just how important this is, one need only look at a recent study that showed that some segments of the population may be pursuing bankruptcy options that may not meet their needs. According to those studies, African Americans are two times more likely to pursue a Chapter 13 bankruptcy rather than a Chapter 7 bankruptcy when compared to their Caucasian counterparts. It should be noted that both Chapter 13 and Chapter 7 bankruptcies can prove a beneficial debt relief option, but, again, the right choice depends on the circumstances at hand.

These 3 types of exemptions protect you during bankruptcy

You've decided that bankruptcy might be the right choice for you, but you don't want to lose everything you've worked for. You fell on hard times after getting let go from your job, and now there's no way to make ends meet.

Fortunately, bankruptcy isn't designed to make you start over from scratch. Going through bankruptcy and losing some of your assets is hard enough that the courts don't seek everything you own. Exemptions are there to help you keep some of the things you already own.

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