5 Facts About Prenups in Illinois
Prenuptial agreements or premarital agreements are contracts that engaged couples draft prior to getting married. If you are engaged to be married, congratulations! As you embark on your married relationship, it is important to consider not only the romantic aspects of the union but also the financial consequences of getting married. Read on to learn about prenuptial agreements in Illinois.
Prenuptial Agreements Are Becoming More Popular
More and more people are starting to understand the value of a prenuptial agreement or “prenup.” Modern couples realize that 40 to 50 percent of marriages do eventually end in divorce. Preparing for this possibility is crucial. Prenuptial agreements are increasingly popular in the millennial generation. Many young people want to protect their hard-earned assets and shield themselves from debts. Prenuptial agreements allow them to do this.
Prenuptial Agreements Can Protect Both Spouse’s Financial Interests
When a couple marries, they join their lives and their finances. If a spouse passes away or the couple divorces, untangling the couple’s finances can be very challenging. Prenuptial agreements allow couples to decide on property division, spousal maintenance, and other issues in advance. Prenuptial agreements are highly recommended for spouses with substantial debts, high-value or complex assets, business owners, and spouses who have previously been married.
Prenuptial Agreements Can Be Beneficial Even If the Couple Never Divorces
Prenuptial agreements are largely intended to describe spouses’ financial rights in the event of divorce or a spouse’s death. However, the act of writing a prenuptial agreement is beneficial in itself. Even if a couple never divorces, drafting a prenuptial agreement gives spouses the opportunity to have a transparent conversation about financial expectations. This can help the couple avoid arguments and misunderstandings about finances during their marriage.
Prenuptial Agreements Must Meet Certain Standards to Be Legally Enforceable
In order to be legally enforceable in a divorce, a prenuptial agreement must meet certain standards established by Illinois law. Prenups must be in writing and signed by both spouses. Both spouses must fully understand and agree to the provisions within the agreement.
Signing a Prenup Does Not Mean You Plan to Divorce
One of the biggest myths about prenuptial agreements is that signing a prenuptial agreement means you plan to eventually divorce. However, this is simply not true. Signing a prenuptial agreement is an important step for any couple who takes their financial future seriously. Just as having car insurance does not mean you plan to wreck, signing a prenuptial agreement does not mean you intend to divorce.
Contact a Lombard Prenuptial Agreement Lawyer
If you want to learn more about the advantages of signing a prenup, contact a DuPage County family law attorney from [[title]]. Call 630-953-3000 today for a free consultation.