Prenuptial agreements, also called premarital agreements or “prenups,” are some of the most misunderstood legal documents in all of family law. The media often presents prenuptial agreements in a negative light. Television shows and movies can also add to the confusion and misinformation surrounding prenuptial agreements. The truth is that a prenuptial agreement can benefit both members of a marriage in a wide variety of ways.
Prenups Protect the Financial Interests of Both Spouses
The main purpose of a prenuptial agreement is to determine in advance how property and debt would be divided if the couple gets a divorce. Without a prenuptial agreement, assets are divided according to equitable distribution rules in Illinois. It is very possible that one or both spouses will not end up with the property that they wanted when the court makes property division decisions on behalf of the spouses.
- A prenuptial agreement is especially important if:
- There is a large difference in the spouses’ income or assets.
- Either spouse has substantial debt.
- The spouses have a blended family.
- One of the spouses owns their own business.
- One of the spouses has or plans to have long-term investments, vesting opportunities, or stock options from their employer.
In addition to financial protections, many couples find that the process of creating a prenuptial agreement itself is hugely beneficial. As part of drafting a prenup, you and your partner will need to list your assets and debts as well as make decisions about how finances will be managed during the marriage. Having an open dialogue about finances before the marriage can help reduce marital conflict in the future.
Getting a Prenuptial Agreement Does Not Mean You Believe the Marriage Will Fail
The number one falsehood about prenuptial agreements is that signing one means you have doubts about the success of the marriage. Some people falsely assume that a person would only get a premarital agreement if they do not trust their partner. This is simply not true. Just as getting car insurance does not increase your chances of getting into a car accident, getting a prenuptial agreement does not increase your chances of getting a divorce. Most couples enter into a prenuptial agreement because they take their financial responsibilities seriously and understand that all marriages have a possibility of ending. It is better to have a prenuptial agreement in place and not ever need it than to need one and not have it.
Contact a Kane County Family Law Attorney
To learn more about how a prenuptial agreement can benefit you and your partner or for other family law needs, contact Shaw Family Law, P.C. Schedule a free, confidential consultation with an experienced St. Charles family lawyer by calling our office today at 630-584-5550....