Three Important Reasons to Sign a Prenuptial Agreement Before You Get Married in Illinois

 Posted on April 07,2021 in Prenuptial Agreement

When you finally get engaged to the person of your dreams, it can feel like you are living in a fairytale. The last thing you would want to think about is what would happen if you and your spouse were to call it quits, but the time during your engagement is the perfect time to do just that. Many spouses come to the conclusion that a prenuptial agreement is a good and fair option to allow both spouses to protect their assets coming into the marriage. While a prenuptial agreement will not eliminate conflict from a divorce entirely, it can greatly reduce the amount of tension and disagreement surrounding certain issues. Here are a few reasons why you should consider getting a prenuptial agreement before you get married:

1. You Can Designate How Specific Assets Will Be Handled

The main and most basic feature of a prenuptial agreement is your ability to state how you want your assets and debts to be distributed during your divorce. If you and your spouse take your divorce to court, the judge is going to follow Illinois law and use the factors outlined in the Illinois Marriage and Dissolution of Marriage Act (IMDMA) and distribute your assets and debts in an “equitable manner.” In your prenuptial agreement, you can choose how you want to distribute your debts and assets. You can also clearly state which property is marital property and which property is nonmarital property and not subject to division.

2. You Can Protect Your Business

If you own a business before you get married, getting a prenuptial agreement can be extremely beneficial. While Illinois law states that your business would be considered nonmarital property if you owned it prior to the marriage, any profit you make from the business, or income you earn from the business and contribute to the household becomes marital property. A prenuptial agreement can ensure your business and its growth are protected from the asset division process.

3. You Have Been Married Before

If you have been married before, you know how stressful it can be to end a marriage. Signing a prenuptial agreement can be beneficial in many ways, but it can also help protect your family and your children from your prior marriage. A prenuptial agreement can lay out how certain assets are designated in the event you are divorced and can ensure that your children do not lose their rights over the property you give them.

Our Kane County Prenuptial Agreement Lawyer is Here to Help

Some people may consider signing a prenuptial agreement bad luck, but in the event, you and your spouse do get a divorce, a prenuptial agreement can help ease some of the stress of the process. A prenuptial agreement is a legal document and as a legal document, the best way to ensure it is produced correctly is to have it drafted by a skilled North Aurora, IL prenuptial agreement attorney. At the Law Office of Matthew M. Williams, P.C., we have been helping clients draft prenuptial agreements for more than a decade. To schedule a consultation, call our office today at 630-409-8184.

Sources:

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

https://www.moneyunder30.com/should-you-get-a-prenup