How a Prenuptial Agreement Could Help You

 Posted on January 18, 2017 in Premarital Agreement

When you were growing up, did you have fantasies about what your wedding day would look like? If you are like most people, the answer is probably yes. Once a couple gets engaged, they often spend months choosing dresses, flowers, and all of the accessories that will make their wedding perfect. With so much focus on the marriage ceremony and reception, far fewer couples spend adequate time preparing for the marital relationship itself. They tend to assume that loving one another is enough and everything else can be addressed when the time comes. Many marriages, however, are too complicated to leave to chance, and a prenuptial agreement could provide a measure of security for both spouses.

The Basics of Prenuptial Agreement

A prenuptial agreement is a type of contract between two people who are planning to marry one another. Your agreement may contain as few or as many provisions needed to address whatever concerns may be applicable to your situation. Most people think of prenuptial agreements as a form of insurance in case of divorce, and in some ways, that thought is rather accurate, but they can be used for other purposes. A prenuptial agreement can also contain terms that address each spouse’s responsibilities during the marriage as well as contingencies for the untimely death of one spouse.

Benefits of a Prenuptial Agreement

One of the biggest advantages that prenuptial agreement offer is the ability to address potential conflicts while both spouses are happy and cooperative. In your prenuptial agreement, you can make arrangements for protecting certain personal or marital property, such as business interests or heirlooms. If you have children from a prior relationship, their inheritance rights can also be taken into account. You can also develop a plan regarding spousal maintenance in the event of a divorce. Your agreement may even be set up to address life insurance policies and beneficiaries to ensure that the financial stability of both parties remains protected.

The process of creating a prenuptial agreement is also helpful for many couples. By law, a prenuptial agreement is only valid if both spouses have been completely forthcoming about their finances—with extremely limited exceptions. This means that both parties need to be totally open and honest with one another, setting a very positive precedent as their marriage begins.

Get Help Today

If you are considering marriage—especially if it is a remarriage—a prenuptial agreement may be appropriate for you and your partner. Contact an experienced Kane County family law attorney today to discuss your options. Call 630-584-4800 for a free consultation at Goostree Law Group.

Sources:

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

http://money.usnews.com/money/blogs/alpha-consumer/2012/02/08/why-almost-everyone-needs-a-prenup