What Is a Prenuptial Agreement?
The months leading up to your marriage are supposed to be some of the most exciting times of your life. The last thing you want to think about is what would happen if it does not work out. This is why very few people consider signing a prenup with their partner. While thinking about this may make you uncomfortable, having one in place could save you from serious financial issues in the future.
What Does A Prenuptial Agreement Do?
A prenup is basically an agreement that two people agree upon before they get married. It states who will be entitled to what in the case of a divorce. This includes assets such as cash in accounts, retirement funds, investment funds, properties, and automobiles. This document ensures that if you get divorced your assets will not be divided equally. Instead, they will be divided according to the instructions agreed upon in the prenup.
Who Needs A Prenup?
In addition to its unpleasant implications, most people do not bother thinking about prenups because they believe they are only for the wealthy. This could not be further from the truth. Prenuptial agreements are put in place to protect all types of assets. While we advise you to consult with an experienced divorce attorney to decide if a prenup is right for you, below are a few of the most common reasons they are enacted.
Transfer Of Property To Your Children
- Entering into a new marriage with children from an old one can be tricky. A prenup can determine which of your children inherits your property after you are gone.
Clarifying Your Financial Responsibilities
- This states who in the relationships will be responsible for financial matters such as paying bills, investing in stocks, and paying off debt.
Avoiding Issues During Divorce Proceedings
- A prenup can lay out everything that will happen in the case of a divorce, leaving very little to fight about if and when the time comes.
Gaining Protection From Debt
- Prenups protect you from having to take on debt that your partner accrued before or during the marriage.
Talk To The Experts
Before you decide you do not need a prenup, we suggest scheduling a call with us here at Strategic DivorceTM. Our attorneys have been representing individuals of all financial backgrounds for years. We have seen it all when it comes to dividing up assets and know exactly when you need a prenup and what it needs to include.
Please call us at 847-234-4445 to set up your free consultation with one of our attorneys. They will analyze your situation and current assets and propose the best path forward.
You can also schedule this free consultation online by filling out this short form.
Attorney Michone RiewerTM is a seasoned lawyer based in Lake Bluff, IL, focusing on Family Law. She brings a wealth of experience to matters of divorce, child custody, alimony, and beyond, aiming to provide clients like you with the insight you need to protect your family and move through the legal world with ease.
Connect with her firm, Strategic DivorceTM, to stay updated on the latest developments in Family Law and get in touch with an advocate who’s committed to helping you navigate the legal landscape in Illinois.
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