What Are the Pros and Cons of Signing a Prenuptial Agreement?

 Posted on December 18, 2020 in Divorce

If you are engaged to be married, you may be interested in learning about prenuptial agreements. Although they are often the subject of misconceptions and misunderstandings, prenuptial agreements are valuable legal tools that can serve a variety of purposes. A prenuptial agreement or “prenup” is a legal contract that describes spouses’ property rights and responsibilities. Signing a prenup means entering into a legally binding contract so it is important to educate yourself about the advantages and disadvantages of prenuptial agreements before agreeing to one.  

How Can a Prenuptial Agreement Benefit Me?

Prenuptial agreements are often associated with celebrity weddings or last-minute marriages. People may even assume that a prenuptial agreement is only necessary if a couple believes that the marriage will fail. However, more and more people are starting to realize that these myths are untrue and that prenuptial agreements can benefit them in many ways. Prenuptial agreements are becoming especially popular among the millennial generation.

A prenuptial agreement allows a married couple to make decisions in advance about how property should be divided if the couple divorces or one of the spouses passes away. When you create a prenuptial agreement, you can specify which property and debts are separate, meaning they belong to one spouse, or marital, meaning they belong to both spouses. You can also specify who should retain ownership of specific properties like family heirlooms. Although no happily engaged couple wants to think about the possibility of divorce, there is a chance that the marriage will not work out. Having a prenuptial agreement in place can reduce conflict during the divorce proceedings. It can also be a useful estate planning tool. It is important to note the Illinois prenuptial agreements are only enforceable if they meet certain criteria. If you are interested in creating a prenup with your fiancé, it is important to work with an experienced family law attorney to ensure that the document will be legally binding.

Downsides of a Prenuptial Agreement

The biggest disadvantage of creating a prenuptial agreement is that it is not a particularly romantic idea. You will be discussing how property and debt should be dealt with in the event that a spouse passes away or you get divorced. This alone can make many people hesitant to even bring up the subject of a prenuptial agreement. However, many couples find that the advantages outweigh the disadvantages of signing a prenuptial agreement.

Contact an Arlington Heights, IL Family Law Attorney

A prenuptial agreement can address important issues like property division, estate planning, and spousal maintenance in the event that you and your spouse get a divorce. If you plan to marry and you want to learn more about prenuptial agreements, contact a skilled Arlington Heights, IL prenuptial agreement lawyer from A. Traub & Associates. Call our office today at 630-426-0196 to schedule a confidential, personalized consultation.

Source:

https://www.cnbc.com/2018/07/02/more-millennials-sign-prenups-before-marriage.html