Prenuptial agreements, also known as premarital agreements or prenups, are becoming increasingly common in the state of Illinois, including in Dupage County. These agreements are contracts that are entered into by two people before they get married, and outline how their assets will be divided and what will happen to alimony payments if the couple divorces.
Prenups can be an essential tool for protecting the financial interests of both parties in a marriage. In Illinois, the law provides that a lawyer must represent each party in a prenup, and the agreement must be fair and reasonable at the time it is signed. If a prenup is found to be unfair or one-sided, a court may choose to not enforce it.
Reasons for Prenuptial Agreements
One of the most common reasons people enter into a prenup is to protect their separate property, such as assets they owned before the marriage or inheritances they expect to receive. Without a prenup, these assets may be considered marital property and subject to division in the event of a divorce. A prenup can also be used to establish how property acquired during the marriage will be divided, such as a family business or real estate.
Another common reason for entering into a prenup is to protect one's financial interests in the event of a divorce. In Illinois, the law provides for the payment of alimony, also known as spousal support, to a financially dependent spouse. A prenup can be used to determine the amount and duration of alimony payments in the event of a divorce.
It is important to note that prenups are not just for wealthy individuals. Anyone can benefit from having a prenup, regardless of their financial situation. Prenups can be particularly useful for couples who have been married before and want to protect their assets from being divided in a future divorce. They can also be useful for couples who have significant differences in their income or assets.
Proceed with Caution
While prenups can be an important tool for protecting the financial interests of both parties in a marriage, it's important to approach the topic with care. Discussing a prenup with your partner can be a sensitive subject, and it's important to approach it in a way that does not hurt your relationship. It's also important to remember that a prenup is not a substitute for open and honest communication about finances in a marriage.
In conclusion, prenuptial agreements can be an important tool for protecting the financial interests of both parties in a marriage. If you are considering entering into a prenup in Dupage County, Illinois, it is important to have each party represented by their lawyer and to make sure the agreement is fair and reasonable. A prenup can protect your separate property, establish how property acquired during the marriage will be divided, and determine the amount and duration of alimony payments in the event of a divorce.
Contact a Wheaton, IL Prenuptial Agreement Lawyer
Prenuptial agreements or prenups are useful legal tools that serve a range of objectives. If you would like to learn more or are ready to get started, call an experienced DuPage County family law attorney at Andrew Cores Family Law Group. Call us at 630-871-1002 for a free consultation.