Understanding the Value of Signing a Prenup Before Your Illinois Marriage
Prenuptial agreements are often misunderstood. Some people mistakenly assume that a prenuptial agreement is only for the extremely wealthy or for individuals who plan to get divorced. In actuality, prenuptial agreements, or “prenups” for short, are valuable legal tools that benefit both parties in a marriage. Read on to learn about the many ways that a prenuptial agreement can benefit you and your soon-to-be spouse.
Establishing Each Spouse’s Property Rights and Responsibilities
The main purpose of a prenuptial agreement is to decide in advance how the couple wishes to divide debts and assets should they later decide to divorce. While this may not be a very romantic possibility to consider, it is an important step to take. Keep in mind that creating a prenuptial agreement does not mean that you and your spouse intend to get divorced. However, current research shows that just over 40 percent of marriages end in divorce. Preparing for this possibility simply means that you and your partner understand that there is a chance that the marriage will not work out. Signing a prenuptial agreement is crucial if:
- You have children from a previous marriage
- You own complex assets such as a business, stocks, stock options, and long-term investments
- There is a significant discrepancy between you and your partner’s income and assets
- You or your partner have accumulated significant debt
A prenuptial agreement allows you to decide what property belongs to each spouse, which spouse should be accountable for certain debts, and whether spousal maintenance or alimony will be paid should you get divorced. A prenup can also address inheritance issues, the ownership of death benefits from life insurance policies, and several other concerns.
Opening up an Important Dialogue Regarding Finances
If you are interested in creating a prenuptial agreement but are unsure about bringing up this idea to your partner, there are a few things you should keep in mind. While a prenuptial agreement does determine how certain issues will be handled in the event of a divorce, this is not the only benefit of creating a prenup. Prenuptial agreements are also valuable in the event of a spouse’s death. Furthermore, numerous studies have shown that arguments about money is frequently cited as the top trigger for divorce. By having a frank, honest conversation about finances before getting married, you and your partner ensure that you are on the same page regarding money-related issues.
Contact a St. Charles Prenuptial Agreement Lawyer
Prenuptial agreements can address property, debt, inheritance issues, spousal maintenance, and more. However, these documents must meet certain criteria to be legally enforceable. If you are interested in creating a prenuptial agreement, contact Shaw Family Law, P.C. for help. Schedule a free initial consultation with a talented Kane County family lawyer by calling us today at 630-584-5550.