Should I Get a Prenuptial Agreement Before I Get Married?

 Posted on December 00, 0000 in DuPage County divorce lawyer

The idea of planning for your divorce before you are even married can seem counterintuitive to many, unromantic to some, and just plain wrong to others. While nobody wants to admit it, the prospect of getting divorced is a very real one. Depending on the source, the divorce rate in the United States fluctuates between 40 and 50 percent. Although prenuptial agreements may still hold a negative stigma, they are becoming more popular than ever, for a couple of reasons. For one, the average age of marriage has increased dramatically from what it was just a couple of decades ago. People who are older tend to be more established and have more assets and property that they want to protect. If you are thinking about getting a prenuptial agreement, the following are a few ways it can benefit you and your spouse:

You Get to Choose How Your Property Is Divided

In a prenuptial agreement, you can spell out which specific property is given to whom in a divorce. This means you do not necessarily have to follow state laws on property division. Illinois divides marital property on an equitable basis, which does not necessarily mean equally. Judges use a specific list of factors to determine how property and debt are divided fairly. With a prenuptial agreement, you can divide your property as you see fit, and can also guarantee that certain assets, like family heirlooms or family pets, will stay with you.

You Can Protect Your Business

Another way prenuptial agreements can be beneficial is for protecting any businesses or professional practices that you own or may own in the future. If you state that your spouse has no right to any portion of your current or future business, then you maintain sole ownership, rather than having to split it. Under Illinois law, if you start a business while you are married, your spouse has a right to a portion of that business. Likewise, if you already have a business before you are married, your spouse is entitled to a portion of the profits or growth that accumulated during the marriage.

You Can Set Terms For Spousal Maintenance

These days, spousal maintenance is becoming less common, since women are making their own money and are generally able to support themselves without a husband. With that being said, you can also address spousal maintenance in your prenuptial agreement. If you know that your spouse will be staying home to take care of the children, you can agree to a certain amount of spousal maintenance in the event of a divorce. You can also waive your rights to spousal maintenance in a prenuptial agreement.

Contact a DuPage Prenuptial Agreement Lawyer

The idea that prenuptial agreements are only for the wealthy is simply not true. Many people can benefit from having a prenuptial agreement in place before they get married. If you are considering a prenuptial agreement but are unsure if it is right for your situation, you should talk to an Aurora, IL family law attorney about your circumstances. At the Law Offices of Matthew M. Williams, P.C., we can help you draft a prenuptial agreement that can significantly protect you if you do end up getting divorced. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.moneytalksnews.com/benefits-of-a-prenup/

https://www.bankrate.com/personal-finance/smart-money/why-engaged-couples-should-sign-a-prenup/

https://money.usnews.com/money/personal-finance/family-finance/articles/2018-08-03/the-pros-and-cons-of-prenups