What Is the Purpose of a Prenuptial Agreement?
A prenuptial agreement, or “prenup,” is a legal document signed by a couple before marriage that specifies how assets and other issues will be divided in the event of a divorce. Prenups are helpful to protect the interests of both spouses by outlining certain expectations. You can hire a family law attorney to ensure that your prenup is enforceable and will work to protect you and your best interests.
What Are the Advantages of a Prenuptial Agreement?
A prenuptial agreement helps partners to talk about their expectations right away. Discussing finances can help couples understand one another's obligations and debts better. Those with high-value assets or business interests will benefit the most from a prenuptial agreement.
What Should I Include in My Prenuptial Agreement?
When drafting your prenup, you must first identify the assets and debts that each party is bringing into the marriage. Both parties must be honest about their finances, or an agreement will not be enforceable. Assets and debts may include:
- Unpaid debts like student loans and credit card debt
- Real estate
- Bank account balances
- Personal investments
- Retirement accounts
Your prenuptial agreement can also contain an agreement for spousal support, including the amount of funds that the recipient will receive and for how long.
What Cannot Be Included in a Prenup?
Parental responsibilities are not allowed in prenups, nor is the subject of child support. The only time to address these issues is during divorce or after a divorce when a divorce decree needs to be modified. Prenups also cannot include anything illegal or unconscionable.
Can I Write a Postnuptial Agreement After a Wedding?
A postnuptial agreement is the same as a postnup except that it is created after a wedding. Just like a prenup, a postnup requires the signature of both parties for it to be legitimate. When both parties sign a postnup, they acknowledge that there are new rules in place that they will follow. A postnuptial agreement accommodates for inevitable life changes, which is why they are so important. These changes could be significant increases or decreases in assets, income, or debts.
Contact a Wheaton, IL Family Law Attorney
When drafting a prenuptial agreement, each party should have independent legal representation. This guarantees that each party's interests are considered and that the agreement is just and legitimate. You should consult a knowledgeable DuPage County, IL family law attorney to guide you through the process. With our help, you can draft a fair premarital agreement that will protect your interests and set the stage for a solid financial foundation if you ever have to face a divorce. Please call us at 630-871-1002 for a free consultation.