Tag Archives: premarital agreement

Determining If You Need a Premarital AgreementFor all of the work that goes into creating a premarital agreement, you want to feel assured that your effort was worthwhile. Premarital agreements settle the same division of property issues as a divorce, which requires accounting for your individual properties and debts. You may feel uncomfortable discussing the possibility of divorce before you have married. Not every marriage needs a premarital agreement. However, you should weigh the potential benefits of an agreement before dismissing the idea because it is at least worth a discussion.

Financial Protection

A premarital agreement is most useful when the parties own several properties from before their marriage. In the agreement, you can:

  • Differentiate between marital and nonmarital properties; and
  • Determine which marital properties you will receive in case of a divorce.

The agreement will protect your ownership of key assets, such as your business interests and retirement benefits. An agreement can still be useful if you have not accumulated many premarital assets. Your spouse may have premarital debts, such as student loans, which you may share responsibility for during your marriage. A premarital agreement can separate the debts you are each liable for in case of divorce.

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What to Consider When Making a Premarital AgreementCreating a premarital agreement is negotiating aspects of your divorce before you get married. If you have been through a divorce before, you remember how complex those negotiations were. If this is your first marriage, the process may seem overwhelming and intimidating. When thinking about your premarital agreement, it helps to remember its purpose. You and your future spouse are determining how your properties would be divided in a theoretical divorce without the animosity of the divorce clouding your judgment. When making a premarital agreement, you should anticipate financial decisions that would need to be made during a divorce.

Premarital Properties

If you divorce, your properties would be classified as either marital or nonmarital. Your marital properties would be divided equitably between the two of you, while you would keep all of your nonmarital property. Distinguishing between marital and nonmarital property becomes more difficult when spouses have been married for several years. The clearest distinction is which properties were purchased before the marriage. Your premarital agreement can identify and protect your nonmarital assets, such as:

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More Millennials Getting Prenuptial AgreementsA recent American Academy of Matrimonial Lawyers survey claims that a growing number of millennials are creating prenuptial agreements before getting married. According to the survey, 51 percent of attorneys are seeing an increase in premarital agreements by millennials, who are generally defined as people born in the 1980s and 1990s. There are numerous ways that a prenuptial agreement can benefit couples during a potential divorce, including:

Prenuptial agreements have grown more popular for couples of all ages in recent years, but researchers are particularly interested by the increase among younger couples. There are several possible reasons why millennials are embracing prenuptial agreements.

Delayed Marriage

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Premarital Agreement Can Be Ruled InvalidComing to a premarital agreement, commonly known as a prenuptial agreement, with your spouse can be a financially savvy move in case of divorce. It allows you to define several monetary and proprietary aspects of your marriage, including:

  • The rights to and division of marital property.
  • What is considered marital property.
  • The terms of spousal support payments.
  • How much marital money can be used to pay off individual debt.
  • The distribution of benefits from a life insurance policy or will.

The rules of prenuptial agreements in Illinois are outlined in the Illinois Uniform Premarital Agreement Act. Among the rules are several ways that a prenuptial agreement can become invalid. These safeguards are meant to protect a spouse in case of unfair practices by the other spouse.

Write It Down

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Kane County family law attorneyWhen 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.

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Goostree Law Group

Goostree Law Group

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St. Charles, IL 60174

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Naperville IL 60563

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Wheaton, IL 60187

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