3 Reasons to Sign a Prenuptial Agreement in Illinois

 Posted on December 06, 2024 in Prenuptial Agreements

The subject of prenuptial agreements can be sensitive to broach with your partner. No one wants to think about the possibility of divorce right after popping the question. However, taking the precautionary measure of drafting a prenuptial agreement–even if you never need it–can save you and your spouse from complications down the line.

A DuPage County, IL family law attorney can help you draft a prenup that includes terms that are legally sound and fair to both parties so that both of you can rest easy. The attorneys at Pesce Law Group, P.C. are skilled in mediation and all matters of family law, and we strive to make our clients feel comfortable in our office.

Prenuptial Agreements Can Split Debts

When two spouses mix their assets in a marriage, they may become responsible for each other’s debts in a divorce. This might include credit card debt, mortgages, student loans, and more. A prenuptial agreement can address how debts should be allocated between spouses, with specific provisions about which debts will be split between both parties and which will be one party’s sole responsibility.

Prenuptial Agreements Can Protect Business Interests

In a divorce, a business that both spouses contribute towards can be valued and split up just like any other marital asset. Even if one spouse officially owns the business, if the other spouse played a part in its daily operations or growth, or if it was acquired during the marriage, it can become commingled (shared) property. A prenuptial agreement is perfect for clarifying ownership and the partners’ respective interests in the business, ensuring that the daily operations do not hit a snag in the event of a divorce.

Prenuptial Agreements Can Outline Alimony Payments

One of the points of contention in a divorce is typically alimony, or spousal maintenance. When a divorce goes to court, it is at the judge’s discretion to award alimony, factoring in how long the marriage lasted and both partners’ financial situations. An order of spousal maintenance may not take into account changing financial circumstances, and a spouse may have to appeal for a post-decree modification. A prenuptial agreement can address these concerns early on, allowing a married couple to decide the terms of spousal maintenance, including striking it outright.

What Prenuptial Agreements Cannot Cover

In general, prenuptial agreements address financial concerns relating to people who are party to the agreement at the time it is signed. Issues like child support or child custody cannot be included in the terms of a prenuptial agreement, because courts always prioritize what is in the child’s best interests when deciding such matters rather than relying on a document the parents signed before their marriage.

Contact a Naperville, IL Prenuptial Agreement Lawyer Today

If you and your fiancé are considering a prenuptial agreement, a DuPage County, IL family law attorney can help you draft the agreement and make sure that it holds up in a court of law. Attorney Don Pesce has over a decade of experience in divorce and family law-related issues, and when you work with Pesce Law Group, P.C., you receive top-quality counsel for creating a prenup. To schedule a free consultation, call our office today at 630-352-2240.