Benefits of Creating a Prenuptial or Postnuptial Agreement

 Posted on December 00, 0000 in Prenuptial Agreements

Although prenuptial and postnuptial agreements are often associated with the benefits they may provide during the divorce process, not all of their perks are related to divorce, or even legal separation. While you are blissfully planning your upcoming nuptials or are happily married, you may find the idea of a prenup or postnup unromantic or unappealing. However, these types of contracts do not doom your marriage to failure. Marriages that begin with such contracts often have a more open and honest beginning, which can create a stronger foundation for a long-lasting union.

These are some of the primary benefits that many couples enjoy when they create a prenuptial or postnuptial agreement:

Open Communication Before You Say “I Do”

Finances are often a hot topic during divorce cases, especially when it comes to hidden debts or assets. Many people enter into marriage only to discover that their new spouse has thousands of dollars in student loan debt. When you add that to the price of a potential mortgage and the wedding expenses themselves, there may be little left with which to begin a family. A discovery of this magnitude can put a strain on any union and alter the dynamic of a family, forcing spouses to adjust their goals and expectations for their marriage.

When you begin your marriage speaking openly about finances, you also create an open flow of communication about what each party expects regarding family roles, assets, debts, and other essential factors. Discussing these issues and determining how to address them if your relationship ever ends can help you protect yourself from catastrophic surprises, and it may even help avoid the possibility of divorce.

Protection For Your Children

If you have children from a prior relationship or expect to have children in the future, a prenuptial or postnuptial agreement can protect their interests. Creating a marital agreement allows you to designate inheritances or other benefits for your children in the case of divorce or death, ensuring that they will have financial security no matter what happens.

Now is also an excellent time to generate an understanding about parenting time, child support, and other parenting decisions, should the marriage result in divorce. The end of a marriage can be an emotional roller coaster for everyone involved, including the children. While a prenup or postnup cannot be used to make legal decisions about child custody or child support, discussing these issues when creating a marital agreement can help reduce animosity during an otherwise tumultuous divorce.

A Proven Illinois Family Law Attorney Can Help

A prenuptial or postnuptial agreement can offer other potential benefits, including providing understanding about the rights and obligations of each spouse before marriage, protecting your assets, and preserving your business. Even if your marriage never ends in divorce, a prenuptial or postnuptial agreement offers the opportunity for an open discussion, which can create a stronger marriage all around. At Thomas Law Office, our experienced McHenry County prenup attorney can answer your in-depth questions and help you to create an agreement that gives your marriage a strong foundation and protects you in the case of divorce. Call our office today at 847-426-7990 to schedule a consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087

https://abcnews.go.com/Business/forget-prenup-postnuptial-agreement/story?id=28946039