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?
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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.
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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.
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