You might think that only people with a high net worth need a prenuptial agreement. You might be convinced that there’s no way you could ever get divorced and so it’s unnecessary. Or you might just want to avoid the uncomfortable conversation that goes along with bringing up difficult topics before marriage, but the fact is that prenuptial agreements are actually a really good idea for anyone looking to get married because it forces the parties to discuss the difficult subject of “What if we got divorced?” and “What are our assets and debts?”
How Prenuptial Agreements Work
The Illinois Uniform Premarital Agreement Act governs what is and isn’t allowed under prenuptial agreements within the state. While many people think that prenuptial agreements can be written to disadvantage one spouse, that’s not true. In addition, prenuptial agreements can never be used to determine child support payments.
What these agreements can cover are:
- Property rights of each spouse
- How property will be disposed of in the event of a death of or divorce
- Modification of spousal support
- Who owns life insurance policies
The statute also requires that each sign side a prenuptial agreement in order for it to be binding. The law provides for a prenuptial agreement to be revoked or changed at any time if the couple later signs other documents to this effect.
The Benefits of Prenuptial Agreements
A prenuptial agreement is an especially good idea for a business owner looking to get married as it can prevent the former spouse from taking an ownership stake in the business in the event of a divorce. A prenuptial agreement can also protect property that one spouse is especially attached to and unwilling to part with, such as inherited jewelry. Such an agreement can also be used to avoid taking on the premarital debts of the other spouse. One other common use for prenuptial agreements is, in the case of a second marriage, the agreement can be used to ensure property acquired before that marriage still goes to any children from the first marriage.
Contact a Rolling Meadows Family Law Attorney Today
Prenuptial agreements are complicated documents, and only an experienced family law attorney can truly understand what can and cannot be included in one of these agreements. However, with the guidance of an attorney, you and your future spouse can obtain a prenuptial agreement that will protect both of your property interests. Contact SAM LAW OFFICE, LLC in Rolling Meadows today for a free consultation about a prenuptial agreement.