Three Things to Consider Before Signing a Prenuptial Agreement

 Posted on February 26, 2021 in Prenuptial Agreement in Illinois

When it comes to prenuptial agreements, the general opinion often seems to stem from the negative stigma that anyone who pursues such an agreement must not have much faith or trust in their future spouse. Although this may actually be the case for some individuals, in most cases, this stereotype could not be farther from the truth. In fact, prenuptial agreements can help lay the groundwork for long-lasting and fulfilling marital relationships.

Prenuptial Agreements in Today’s World

Prenuptial agreements are extremely popular nowadays, for multiple reasons. Their popularity is not merely a reflection of the state of marriages in today’s society; they also offer practical advantages that benefit both partners equally. Broaching the topic with your future spouse can feel uncomfortable at first, but if you share a mutual interest in pursuing a prenuptial agreement, it can prove to be a valuable, effective tool as you enter your marriage.

Here are some factors to discuss if you are on the fence about signing a prenup:

• Your communication and goals - One of the biggest benefits to signing a prenup is the chance to improve and strengthen the communication regarding finances in your marriage. Discussing financial boundaries, debts, concerns, and overall goals as a couple early on can save you both a great deal of stress down the road. It also brings you both to a place of better understanding about what each person wants and needs during the marriage. If you want to be clear about your financial standing prior to the marriage, signing a prenup presents a practical outlet for putting everything on the table before you say, “I do.”

• Your property and other valuable assets - The primary purpose of a prenuptial agreement is to prepare for the unexpected. It does not hurt for a couple to approach a prenup the same way they would approach any other decision in life: hope for the best, prepare for the worst. Discuss your individual property and belongings and how you would like to see them divided in the event your marriage ends. If you or your spouse has significant assets prior to the marriage, it is wise to speak with a qualified attorney who can help ensure those belongings are protected in writing.

• Any wills, benefits, or life insurance policies - Along with property and account assets, other financial and estate arrangements such as wills, trusts, employment benefits, and life insurance policies can also be affected upon the dissolution of marriage. Be sure to discuss these existing arrangements and the potential effects a divorce can have on them with your future spouse and attorney.

Contact a Wheaton Family Law Attorney

It is understandable that you might experience some hesitation when considering a prenup, but the benefits frequently outweigh the cons when signing such an agreement. If you are in doubt or require further guidance, contact an experienced DuPage County prenuptial agreement lawyer at Andrew Cores Family Law Group. Call 630-871-1002 and schedule a free consultation today.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000