Is It Worth Getting a Prenuptial Agreement in Illinois?

 Posted on July 08, 2020 in Divorce

Although it is not pleasant to think about right before your wedding, a good number of marriages will end in divorce. Because of this reality, planning for that possibility could save you a lot of trouble in the future. Of course, if you and your soon-to-be spouse never end up separating, your prenuptial agreement (prenup) will not weigh you down in any way. However, if you do file for divorce and do not have a prenup, settling the terms of your separation will be a lot more difficult than it needed to be. 

What Can a Prenuptial Agreement Do for My Marriage?

The basic idea of a prenuptial agreement is to decide, in advance, how a couple will divide property and assets upon their divorce. Although you create a prenup before marriage, it does not take effect until the date that you get married. If you end up in court for divorce litigation without a prenup, a judge can decide how to divide your assets between you and your spouse.

There are plenty of reasons to get a prenuptial agreement. Maybe you own a business that you built well before your marriage: a prenup will help ensure that it remains yours in the event of a divorce. Perhaps you own property or you have funds set aside for children from a previous marriage: a prenup can help you keep those in your possession. Although it sounds unappealing to have these discussions with your spouse right before your wedding, the legal agreement can ease a lot of stress and any underlying concerns about what you will do if your marriage does come to an end.

Although prenuptial agreements are usually made to deal with the division of assets during a divorce, they can cover a lot more, including:

• Whether or not a spouse will pay spousal maintenance (you can even preemptively determine the amount and duration of the payments)

• Each spouse’s ability to sell, transfer, or dispose of property, not just their ownership abilities

• A spouse’s obligation to create a will to ensure financial security

• The terms of any life insurance policy payments

A prenuptial agreement can be made to cater to you and your spouse’s specific needs and your attorney will help you determine what topics your prenup needs to address.

Contact an Arlington Heights, IL Divorce Lawyer

When you are preparing for your marriage, you should meet with a capable Arlington Heights, IL family law attorney to address any legal questions that you and your spouse may have. It is important to prepare for this possibility so that if you and your spouse eventually divorce, you will already have determined certain issues while you were in a good emotional state and had an amicable relationship with your spouse. Call A. Traub & Associates at 847-749-4182 to schedule your first session and plan for your future today.

Source: 

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