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What Is a Prenuptial Agreement?

Posted on in Divorce

Kane County prenup lawyerWhen two people get married, they pledge to spend the rest of their lives together. Sometimes it does not work out that way, and they want to get a divorce. Couples who enter into divorce proceedings may worry they will be left with nothing. If that is a concern you have prior to getting married, it may be beneficial to craft a prenuptial agreement.

The need for a prenup can vary depending on the couple and the state in which you live. Illinois law divides property equitably, which does not necessarily mean equally. Equitable division of property looks at numerous factors to determine what is fair to both parties. A prenup can be used as one of the factors which determines how the court will divide property and debts during a divorce in Illinois.

Each couple’s situation is different, so it is a good idea to take stock of your finances if you are considering a prenup agreement. You will need that information for the agreement anyway, and it can be a helpful exercise to fully understand the breadth of your financial situation.

Afterward, the information below can help you determine what should be in your prenup.

What to Include in a Prenuptial Agreement

  • Indication of whether specific items are considered marital property.
  • How property is divided if the couple divorces.
  • Indication of the manner in which disputes relating to the agreement will be resolved.
  • The state law your agreement must adhere to.
  • Who is responsible for debts acquired before or during the marriage.
  • Ownership of the marital residence.
  • Financial responsibilities.

What Not to Include in a Prenuptial Agreement

  • Provisions which could make the marriage more likely to end in divorce or trigger a divorce.
  • Anything relating to illegal activities, such as how profits from a theft are divided, or information on who controls what portion of an illegal business.
  • Decisions based on child support payments.
  • Parenting time and parenting rights for any children the couple may have.

If a couple divorces, the court will look at all relevant factors to determine what happens regarding any children, so it is not necessary or accepted to put that information in a prenup.

Contact a Skilled Algonquin Divorce Lawyer

If you wish to create a prenuptial agreement that will protect your rights should your marriage end, it is essential to have an experienced lawyer on your side. Our skilled West Dundee prenuptial agreement attorneys can provide you with legal guidance and advocate for your interests. Contact the Law Offices of Benedict Schwarz, II PC today at 847-428-7725 to schedule a free consultation.

Sources:

https://www.marriage.com/advice/prenuptial-agreements/dos-and-donts-of-prenuptial-agreements/

https://www.nytimes.com/2018/07/06/smarter-living/millennial-prenup-weddings-money.html

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