Should We Sign a Prenuptial Agreement Before We Get Married in Illinois? 

 Posted on September 30, 2022 in Prenuptial Agreements

The time leading up to a wedding is one of great joy and excitement. While the planning can be stressful and overwhelming, both spouses usually look forward to what they anticipate will be one of the best days of their lives. 

In the milieu of new love, it can be difficult to know whether to bring up the subject of a prenuptial agreement. After all, it hardly feels romantic to discuss the end of a marriage before it has even begun. However, the time before a marriage is not only the ideal legal time to sign a prenuptial agreement - it is also the best time to fairly negotiate an agreement that has the potential to offer essential protection to both spouses if they do eventually get divorced. Here are some factors to consider as you try to decide whether a prenuptial agreement is right for you. 

When Should a Couple Sign a Prenup? 

While pop culture gives many people the impression that only the rich and famous use prenuptial agreements, this is far from the truth. Even if both spouses are going into a marriage without owning any personal assets, it can be valuable to agree to avoid conflict around money if you get divorced by creating an agreement about spousal support, debt, and more. 

If one or both spouses owns a significant amount of personal wealth before getting married, a prenuptial agreement can allow that spouse to protect his or her private possessions in the event of divorce. The caveat to this is that the spouse who wants to protect his or her belongings will need to divulge all personal property so the spouse who is agreeing to be excluded from the property knows exactly what he or she is forgoing. 

If this is a remarriage for either of you, you may want to ensure certain assets are protected for yourself or your children from another marriage. You can also specify how certain money will be spent during the marriage (for example, if a portion of one spouse’s income needs to go towards child support and that spouse wants to ensure this is protected within the prenuptial agreement). 

If either of you has significant debt, whether from student loans, credit cards, or a business, you may want to execute a prenup that protects the other spouse from taking on the burden of that debt. Business owners may also want to protect their ownership in the business by specifying that the business will remain exclusively their own in the event of divorce. 

Schedule a Consultation with a Kane County Divorce Lawyer

Every couple is unique. If you and your fiancé are wondering whether a prenuptial agreement would benefit you in the future, contact an experienced McHenry County prenuptial agreement lawyer with Thomas Law Office. Our attorneys will meet with you to provide a low-pressure, comprehensive consultation and then help you create a customized prenup if you decide to move forward. Call us today at 847-426-7990. 

Source: 

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6200000&SeqEnd=8675000