When you are excited about getting married, negotiating a prenuptial or premarital agreement (often called a “prenup”) may be the least romantic thing you could think of. So why are more couples getting prenups now than ever before? Because a well-thought-out prenuptial agreement can help define your financial relationship to each other, providing clarity and peace of mind in the event of a divorce or death down the road—as well as during the marriage itself. Here are five important advantages of signing a premarital agreement:
1. Keep Control of Your Assets
When you get married, you are combining your property and finances. During a divorce in Illinois, a court would try to divide these assets equitably and fairly. Without a prenup, the court—not you—would decide what “fair” means. Do you really want to give up that control? Or would you rather determine in advance what would be fair to each of you, avoiding a potentially long and expensive process of identifying, appraising, and dividing complicated assets later on?
2. Determine What is Yours, Mine, and Ours
Often, one person comes into a relationship with significantly more assets than the other. If the marriage eventually dissolves, do you want to protect this preexisting property? Or if one person enters with considerable debts, like a student loan, do you want to protect the other person from liability for the debts? If you own a business, would you want that business to be protected from a claim of ownership by the other party? A prenuptial agreement can clarify such cases and separate your assets into shared and non-shared categories.
3. Specify Spousal Maintenance
In cases where one spouse is the main source of income and the other takes care of the home and kids, or is ill or disabled, you may want to specify how much regular financial support this partner could count on from the other to maintain their pre-divorce standard of living or bar support altogether.
4. Get a Jump on Planning Your Estate
Should your marriage end due to the unfortunate death of a spouse, a prenuptial agreement can help greatly. For example, your agreement may state that you both will create wills detailing who in the family receives which assets, or require that a trust be created to hold this property. It can also spell out who owns the rights to a spouse’s life insurance death benefits and pension plans. In a blended family with children from a previous relationship, certain assets could be set aside and protected to ensure their ongoing care. A prenuptial agreement can therefore become a solid pillar for even wider-ranging estate planning.
5. Get the Benefits During Your Marriage
Besides its advantages later on, your prenuptial agreement can bring more clarity and peace of mind during your marriage as well. Since financial issues are frequently a source of marital discord, the more questions and concerns you get answered before your marriage, the better. An open conversation about each person’s property rights, for example, helps promote a trusting, transparent relationship, minimizing doubts and creating a more stable foundation for your marriage.
Contact Our DuPage County Prenuptial Agreement Attorneys
If you are thinking of getting married, a prenuptial agreement can help you keep control of your assets in the event of a divorce or the death of a spouse. It also helps define your financial relationship with each other during your marriage, bringing clarity and security. For an Initial Attorney Meeting with an experienced Wheaton prenup lawyer, call MKFM Law at 630-665-7300 today.
Source:
https://www.ilga.gov/
