Prenuptial agreements, or “prenups” for short, have long been the subject of misinformation and misunderstanding. Outrageous celebrity weddings, television shows, and movies have shown prenuptial agreements in an unfairly negative light. However, signing a prenuptial agreement before getting married can be a responsible and beneficial decision for many couples. Read on to learn how a prenuptial agreement or premarital agreement can benefit you and your partner in Illinois.
A Prenuptial Agreement Protects Your Financial Interests
The main benefit of a prenuptial agreement is that it protects the financial interests of both parties should the marriage end in divorce. In Illinois, a divorcing couple’s marital estate is divided according to equitable distribution laws. Through equitable distribution, property and debts are divided fairly, but not necessarily evenly. If you and your soon-to-be spouse sign a prenuptial agreement, you have the option to make your own property division decisions in advance and override these state laws during a divorce.
A prenuptial agreement can also be a valuable estate planning tool. When individuals with children from prior marriages wed, there can be confusion and gray areas regarding inheritances. A prenuptial agreement can be used to dictate how property will be passed to children when one of the spouses passes away.
Addressing the Negative Stigma Surrounding Prenuptial Agreements
Unfortunately, many people are not aware of the numerous ways that a prenuptial agreement can benefit a married couple. They may incorrectly assume that only couples who do not believe in the longevity of the marriage would sign a prenup. However, just as buying car insurance does not increase the likelihood of a car crash, signing a prenuptial agreement does not mean that you plan to divorce. Studies show that disagreements about money are one of the top predictors of divorce. Signing a prenuptial agreement can help an engaged couple avoid arguments over finances in the future. Many couples find that signing a prenuptial agreement before the wedding helps them clarify their financial rights and responsibilities and get on the same page regarding assets. A couple who has a frank and honest conversation about finances before getting married is much less likely to run into unexpected financial surprises after the honeymoon period ends.
Contact a Hinsdale Prenuptial Agreement Lawyer
Not many people get married with the intention of getting a divorce. However, planning ahead for the future can lay a solid foundation for how marital issues are handled. It can also protect your interests in the event you do split up later. If you want to learn more about how a prenuptial agreement can benefit you and your partner, contact an experienced Cook County family law attorney from Botti Marinaccio, LTD today. Schedule a confidential consultation by calling our office at 630-575-8585.