Do I Need a Prenuptial Agreement?

 Posted on December 07, 2015 in Prenuptial and Postnuptial Agreements

Many people are under the mistaken impression that prenuptial agreements, or “prenups,” are only for people who enter into a marriage with significant personal assets, or who stand to inherit substantial assets at a later date. While it certainly is the case that wealthy people often use prenuptial agreements to protect assets in the event of a divorce, these types of agreements can also greatly benefit people who may have more modest means. For this reason, it is very important for anyone considering getting married to discuss how a prenuptial agreement may be able to help them with an experienced lawyer.

How can prenups be beneficial? Future spouses will find that a prenuptial agreement can provide a host of different benefits.

Help avoid costly disputes in the event your marriage ends in divorce. Divorce can result in significant disputes regarding the way in which assets will be divided and whether either party will be entitled to maintenance (alimony). In the absence of an agreement, Illinois law controls the division of assets and maintenance, which may result in an arrangement that is not to your liking. In many cases, litigating these issues or even resolving them through alternative dispute resolution techniques can be extremely time-consuming and costly. By agreeing to the way these matters will be resolved via a prenup, both parties can save the expense of a dispute in the event of divorce.

Ensure that property will pass to any children from a prior relationship. Many people who marry have children from a prior relationship or marriage. When a person gets married, any separate property that he or she may have will automatically go to the spouse if he or she happens to pass away during the marriage. A prenuptial agreement can specify that certain separate property that one spouse had prior to his or her marriage will pass to any existing children, rather than the surviving spouse. 

Establish certain financial rights and responsibilities. Even in the absence of existing separate property or an agreement for what will happen in the event of divorce, a prenuptial agreement can be used to simply establish certain financial rights and responsibilities. These rights or responsibilities could include access to certain accounts, the use and management of credit, management of bills related to running a household, contributions to savings, and keeping certain property or assets separate from the marital estate.

These are just some of issues that may be addressed by a prenuptial agreement. Because of the complexities involved in drafting a valid and enforceable prenup, anyone considering one should talk to an experienced family law lawyer.

Contact a DuPage County Family Law Attorney Today to Schedule a Consultation

When planning a wedding or simply going to the courthouse, the last thing that people want to think about when getting married is whether their relationship will stand the test of time. This is why it is important to speak with an attorney if you are considering marriage. An attorney can assess your situation and help you determine if prenuptial agreement would be appropriate. Moreover, an attorney will act as an emotionally uninvolved advocate who will advise you as to how you may be able to protect your assets and your future. To schedule a consultation with one of our skilled DuPage County prenuptial agreement lawyers, contact Davi Law Group, LLC today.

Source: 

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2086&ChapterID=59