Top Seven Advantages of Premarital Agreements

 Posted on April 26, 2022 in Prenuptial Agreements

Once considered a contract for the wealthy, marital agreements are becoming more commonplace, with couples of all socioeconomic backgrounds retaining prenuptial or postnuptial agreements. Family law and divorce lawyers are adept at executing marital agreements, which are akin to insurance policies. Prenuptial and postnuptial agreements define marital and individual property, offering peace of mind. The benefits of marital agreements far outweigh the emotional awkwardness of preparing the contracts. Negotiating and signing marital agreements is an exercise of due diligence.

Protecting Financial Interests in the Event of Divorce or Death of a Spouse

Some find prenuptial agreements to be unromantic, foreshadowing divorce. However, it is sensible to sign one as they provide assurances of financial security. In the event of divorce or the death of a spouse, prenuptial agreements are cost and time effective. Prenups help the parties circumvent long, expensive court battles in a divorce. Prenuptial agreements give credence to the court to what was and is intended between both parties. They also provide the couple with a reality check and provide an opportunity for spouses to discuss finances before they walk down the aisle. It is prudent for engaged couples to sign one. Prenuptial agreements safeguard individual property, offering:

• Protection of family heirlooms
• Protection of family businesses
• Protection of trusts
• Protection of inheritance
• Protects future assets
• Protection against or for alimony
• Protection from spouse’s debts

The Benefits of a Postnuptial Agreement

Postnuptial agreements are similar to prenuptial agreements but are created during the marriage. Life can be unpredictable, and a postnuptial agreement is a legally binding contract that outlines the party’s wishes in the event of a divorce or death. If a prenuptial agreement was never drafted, it is beneficial for spouses to secure a postnuptial agreement.

Postnuptial agreements offer many advantages, including:

• Economical – If the marriage ends in divorce, postnuptial agreements can reduce costly legal fees as it serves as a blueprint for the judge to divide property.
• Divorce decree – Postnuptial agreements are often included in a divorce decree.
• Stay-at-home parent – Postnuptial agreements can serve as an edict that the unemployed parent will always be financially secure.
• Inheritance – Although postnuptial agreements do not usurp child custody agreements, they can designate who inherits assets if either spouse dies.
• Financial worry – Postnuptial agreements can deter divorce as it relieves financial stress and conflict.
• Family business – A postnuptial agreement can specify the ownership of a family business.
• Eliminate liability - Postnuptial agreements can stipulate that each spouse’s past or future debts are handled separately.

Contact a DuPage County Prenuptial and Postnuptial Agreement Attorney

At Pesce Law Group P.C., we are proficient in inheritance matters, estate planning, and divorce planning. We believe marital agreements empower and strengthen marriages. Whether you need a prenuptial or postnuptial agreement, we can draft a succinct, comprehensive contract that is enforceable by the court. For a free consultation, contact Burr Ridge family lawyer at 630-352-2240.

Sources:

https://www.forbes.com/sites/robclarfeld/2018/07/30/pre-nuptial-agreements-a-hedge-for-happily-ever-after/?sh=ea01f05672ac

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59