What Should Be Included in a Prenuptial Agreement?

Posted on in Divorce

IL divorce lawyerCouples in Illinois who are planning a wedding often want to preserve their personal financial interests and protect each other from hostile negotiations in the event of a divorce. The best way to do this is through the use of a prenuptial agreement drafted by an experienced Illinois prenuptial agreement attorney. In our last article, we looked at the factors that could cause a prenup to be invalid. In this article, we will take a closer look at what couples might consider including in their prenup.

What Should We Put in Our Prenup?

Although every prenup will be a little different because each couple has different circumstances and preferences, there are certain things that many couples will find useful. The issues that couples can address in their prenup include, but are by no means limited to:

  • Personal Property and Debt from Before the Marriage - This is one of the most common issues couples seek to address in their prenuptial agreement. What will happen to property that was owned individually by one partner before the marriage? For example, if one partner owns a car, will the other partner be allowed to use it without running into joint ownership issues? If one partner has substantial student loan debt, will the other partner help them pay it off? Answering these questions before the marriage takes place can save couples from disagreement and confusion later on.
  • Property and Debt Accrued During the Marriage - Although most property acquired even by one spouse during the marriage is considered marital property, certain things may be excluded from joint ownership with a prenuptial agreement. For example, if one spouse plans to attend a very expensive educational program and the other spouse does not wish to be saddled with massive student loans, they can address this in a prenup.
  • Marital Expenses and Responsibilities - Prenups cannot address non-financial issues like who is responsible for folding the laundry, but they can include who will pay certain bills or how much each partner will contribute to shared savings or investment accounts.
  • Children From a Previous Relationship - If one or both partners have children from previous relationships, their prenuptial agreement can address how these children will be provided for during the marriage and in the event of their parent’s death.

Speak with a Kane County Prenuptial Agreement Attorney

At Shaw Family Law, P.C., we have helped hundreds of couples who want a great prenuptial agreement that meets their needs and has firm legal standing. We will work with you to understand exactly what your prenup should contain and make sure that, in the event of a divorce, your prenup will hold up in court. Work with an experienced St. Charles family law attorney whose experience you can trust. Call us today to set up your free initial consultation at 630-584-5550.

 

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59

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