While it is common to discuss issues like having children, where to live and how to handle finances before getting married, in most cases, it’s better to have the decisions you make in writing. This is done through the use of a prenuptial agreement. The issues which can be laid out in prenups include:
- Defining which assets each spouse had prior to the marriage
- Protecting each other from the debt each party comes to the marriage with
- Predetermining what type of financial support will be paid to a spouse in the event of divorce
- Solidifying the rights and responsibilities each spouse will assume pertaining to finances once married
- Protecting children from a prior marriage
- Providing guidelines to avoid long and costly divorce disputes
Many times, couples are concerned about how requesting a prenuptial agreement looks to their friends and family members; they worry it may be seen as a sign they lack confidence in their relationship. This is a fallacy; protecting your rights and the rights of children of a prior marriage is important and a prenuptial agreement helps protect those rights.
Prenuptial agreements are particularly important for those couples who have significant net worth before getting married. Because of how property division laws work in Illinois, it is possible you could suffer a significant financial loss if you were to divorce later.
If you live anywhere in Illinois, contact the Chicago IL office of Biederstadt Law, P.C. today and let me help you prepare a prenuptial agreement to protect you and your future spouse.