Marriage is a sacred bond between two individuals committed to living together. However, with the rise in divorce rates, couples are increasingly turning to prenuptial agreements, or prenups as they are popularly called, to protect their assets and financial interests in case of a separation or divorce. For those unaware, a prenuptial agreement is a legal document that outlines the distribution of assets and liabilities in the event of divorce or death of one of the spouses. If you are considering signing a prenup, it is essential to understand the situations where it makes the most sense. To ensure signing a prenup is in your best interest, consider consulting with a divorce attorney to ensure your position is well suited for signing into such a prenuptial agreement.

Scenarios Where Signing a Prenup May Be a Good Idea

Here are some scenarios where signing a prenuptial agreement makes the most sense, including:

• Unequal financial status – If one spouse has significantly more assets or liabilities than the other, a prenuptial agreement can help protect their financial interests. For instance, if one spouse has a successful business, they may want to ensure that their partner does not have a claim to it if the marriage ends. Moreover, if both spouses have a business, a prenuptial agreement may make a lot of sense in preventing each other from having a claim in each other’s businesses.
• Second marriage – If either spouse has been previously married, a prenuptial agreement can ensure that their assets from the previous marriage are protected. This is especially important if there are children of the prior marriage who may have a right to the assets.
• Protecting inheritances – If one spouse is expecting an inheritance in the future, they may want to ensure that it remains their separate property in case of a divorce or death. A prenuptial agreement can help protect the inheritance from being divided in a property settlement.
• Debt protection – If one spouse has significant debts, they may want to ensure that their partner is not responsible for paying them off in case of a divorce. A prenuptial agreement can help protect both spouses from having to pay off each other’s debts.

Contact a Cook County Divorce Attorney

With so much to consider, it is understandable if the idea of a prenup seems daunting. However, consulting with a skilled attorney can significantly simplify the process. Contact the experienced Rolling Meadows divorce lawyer with The Law Offices of Curtis Bennett Ross, L.L.C. for effective legal representation. Call 312-984-1514 for a free, limited consultation.

 Prenuptial and postnuptial agreements can be helpful financial instruments when seeking to protect individual assets and debts in the event of a divorce. However, for these agreements to do either spouse any good, they must be written in a way that ensures they are enforceable. 

Understanding what might make a prenuptial or postnuptial agreement invalid is an important part of constructing a sound legal instrument that protects both spouses from dispute and heartache down the road. In an age where online legal resources are widely available, consulting a qualified Illinois prenuptial agreement attorney is well worth the time and effort to prevent foreseeable problems. 

Nullified Premarital Agreements

There are several factors that could cause an Illinois court to nullify a prenuptial agreement (and generally speaking, issues that invalidate a prenuptial agreement can also invalidate a postnuptial agreement). These include, but are not limited to: 

In a previous post, we discussed common misconceptions about prenups. Now that you know what a prenup is not, you may want to know what a prenup is. How far should a prenup go? Does a prenup last forever? Having an understanding of the basics of prenuptial agreements can help you prepare to negotiate a fair agreement that places your marriage on a firm footing. Everybody’s situation is unique, so be sure to ask your specific questions to a qualified Illinois prenuptial agreement attorney. 

What Can I Include in a Prenuptial Agreement? 

• Premarital debts and assets - The most common use of a prenuptial agreement is to protect assets that were owned by one spouse before getting married. It can also protect a spouse who does not have debt from having to pay it off after divorce. Spouses may continue the financial provisions of a prenup indefinitely, or agree to a gradual transfer of wealth after a certain number of years of marriage. 

• Inheritance and family heirlooms - Although property received as a gift or inheritance is generally seen as personal property and is not subject to division in a divorce, spouses can protect themselves from accusations of commingling by specifically addressing gifts and inheritance in a prenup. 

  ...

 Prenuptial agreements are legal contracts some couples enter into before getting married. These contracts set forth the division of assets in the event of a divorce and are typically recommended for couples with wealth disparities and those who have been married before. If you are considering creating a prenuptial agreement, it is important to consult an Illinois family lawyer promptly.

Misconceptions About Prenuptial Agreements 

Prenuptial agreements have a bad reputation due to misinformation and misunderstandings. However, prenuptial agreements can provide multiple benefits for both parties. Here are a few common misconceptions about these agreements.

• If you sign a prenuptial agreement, you plan to divorce. Some couples are reluctant to enter into a prenuptial agreement because the document is associated with divorce. However, just because you sign this agreement does not mean you and your partner will get divorced in the future. It simply offers protection for both parties if a divorce does occur.

  ...