A prenuptial agreement (prenup) is a signed and notarized contract that outlines how a couple will handle the financial aspect of their marriage. People used to think that prenuptial agreements were a guarantee that a marriage is going to fail. After all, why make a contract outlining what to do in the eventuality of a divorce? However, more and more couples are signing them, not as a guarantee for what to do if the marriage ends, but as a contract outlining the duties of each spouse in a marriage.
For example, couples who want to put all their financial assets on the table will do so with the help of a prenuptial agreement. This can help a couple discuss their finances early, which can help them avoid arguments over money later.
The benefits to prenuptial agreements include several financial factors. A couple’s financial matters that need to be faced are done before the marriage even occurs, they preserve family ties and inheritance, and personal and business assets are protected. Prenups can also help provide for the well-being of any future children from a previous marriage, can spell out wh ich assets a spouse may want to give to children or other family members in the event of their death, and can eliminate battles over assets and finances in the event a divorce does happen. Likewise, if your spouse won’t sign a prenup, it’s good to find out why in advance before the wedding.
The cons of a prenup mostly concern perceptions. People can view them as
unromantic, and asking for one could cause friction in the relationship
because they may imply a lack of trust or lifetime commitment. However,
if you have a discussion with your future spouse about why you’d
want a prenup, you may be able to avoid the negative aspects and avoid
resentment. On a more practical note, prenups
can be put aside in the future for failing to disclose all your assets or
if there is evidence of fraud, duress, unfairness, or lack of representation
at the time of signing the agreement.
If you would like to discuss creating a prenup with a skilled Illinois family law attorney, don’t hesitate to call us. Our experienced lawyers at Wakenight & Associates, P.C. have been helping families in the state for years with their legal family matters. Let us see what we can do for you.
Call us or fill out our online form to schedule a free case consultation with us today!