When Is a Prenuptial Agreement Needed?
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Marriage is a significant life step that unites two lives in partnership. While it is a joyous occasion, it is also a practical and financial union that sometimes needs advance planning. A prenuptial agreement, or prenup, can be a valuable tool for couples entering a marriage, providing greater clarity and security for both individuals.
So, when is a prenup needed? An agreement may be right for you if:
- You or your partner owns significant assets.
- You own or have an interest in a business.
- One person has substantial debt.
- You anticipate receiving a large inheritance.
- This is not your first marriage, or you have children from a prior relationship.
- There is a significant difference in income or earning potential between you and your partner.
At Reifman Law Offices, we strive to make the law simple, empowering our clients with confidence no matter what legal issues they may face. We can walk you and your future spouse through whether a prenup may be the right choice for you.
What is the Purpose of a Prenuptial Agreement?
A prenuptial agreement is a legal contract created by two people before they marry. It addresses how assets and debts should be divided in the event of divorce or death. This document allows couples to make important financial decisions while their relationship is strong, rather than leaving these matters to a court during a stressful time.
A prenup can address several key areas, including:
- How property owned before the marriage will be treated.
- Who is responsible for specific debts.
- Whether one spouse will receive spousal maintenance (alimony).
- How financial benefits or property will be distributed upon the death of a spouse.
It is important to note that under Illinois law, a prenuptial agreement cannot determine child support or child custody issues. These matters are decided based on the child’s best interests at the time of separation or divorce.
Who Benefits from a Prenup?
Many people believe prenuptial agreements are only for the very wealthy, but they can benefit anyone. Individuals with their own business, real estate, complex investments, or significant retirement savings can use a prenup to protect these assets. A prenup can also protect one spouse from being responsible for the other’s pre-existing debts.
For those entering a second marriage, especially with children from a previous relationship, creating a prenup can help preserve assets for those children. It provides peace of mind by establishing clear financial boundaries from the start.
What Life Circumstances May Require a Prenup?
Certain situations can make a prenuptial agreement particularly advisable. For instance, if you own a professional practice or business, a prenup can prevent a divorce from disrupting its operations. If you expect a significant inheritance, a prenup can ensure it remains your separate property.
Couples with a large disparity in income or assets can also benefit. The agreement can establish fair terms that protect both the higher-earning and lower-earning spouse, providing a mutually agreed-upon financial outcome should the marriage end.
Protect Your Future With a Well-Designed Prenup
A prenuptial agreement is not inherently a sign of a failing relationship. It can be a practical step to protect both parties and create a clear financial roadmap for the future. By addressing these topics beforehand, couples can enter marriage with greater security and mutual understanding.
If you are considering a prenuptial agreement, it is crucial to have skilled legal guidance to verify that it is fair and enforceable. At Reifman Law Offices, we have over 20 years of experience in Illinois family law. Contact us today for a free consultation to discuss how we can help you protect your rights and assets.
At Reifman Law Offices,
we will take the weight of dealing with family legal issues off of your shoulders.
Call Us 847-229-8433
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