When Should You Consider a Prenuptial Agreement?

 Posted on August 17, 2023 in Family Law

A prenuptial agreement, also known as a prenup or premarital agreement, is a contract that couples can choose to sign before marriage. The contract is meant to outline how their assets and debts will be divided in the event of a divorce. Many couples consider prenuptial agreements for various reasons that depend on their individual circumstances.

Reasons For a Prenuptial Agreement

One common reason is when one spouse has more assets than the other, especially if significant wealth is involved, such as from a family business or inheritance. Prenuptial agreements help protect these assets in case of a divorce. Financial differences between partners, such as one being a saver and the other a spender, can also prompt couples to consider prenuptial agreements to safeguard the saver's assets.

Couples with children from previous relationships may opt for prenuptial agreements to ensure their children's assets are protected. Furthermore, as people marry later in life with more assets and debts, prenuptial agreements offer a sense of security by safeguarding these assets in the event of a divorce.

Is a Prenuptial Agreement Right For You?

Deciding whether a prenuptial agreement is right for you involves open communication with your partner about your concerns and financial goals for the future. Seeking legal advice from a family law attorney is essential to understand the laws in your state and draft a fair prenuptial agreement. It is crucial to maintain a realistic outlook, acknowledging that a prenuptial agreement cannot predict the future, but it can protect assets and debts if a divorce occurs.

What to do When Considering a Prenuptial Agreement

If you are considering a prenuptial agreement, early planning is key. This allows sufficient time to explore options and obtain legal advice. Honesty between partners about financial situations and future aspirations is essential to establish trust and mutual understanding.

Ensure the prenuptial agreement is in writing and signed by both parties to make it legally binding. Flexibility and compromise are vital in drafting a prenuptial agreement. It is a contractual arrangement, and both partners should be willing to find a middle ground to ensure all aspects are appropriately addressed and protects the interests of both parties.

Contact a DuPage County, IL Family Law Attorney

A prenuptial agreement can be a valuable tool for safeguarding your assets and future in the event of a divorce. Pesce Law Group, P.C. can provide legal guidance for anyone looking to draft or enforce a prenuptial agreement. Our Naperville, IL, family law attorneys can assist couples looking to enter into marriage with greater peace of mind, knowing their interests are safeguarded should life take an unexpected turn. Call our office at 630-352-2240 for a free consultation.

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