Prenuptial Agreement Lawyer

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A prenuptial agreement is a set of provisions, detailing out how they will deal with the division of property, debts, and other financial issues in case they decide to dissolve their marriage later on. It goes into effect after the couple is married.

Nowadays, more and more couples are going for prenuptial agreements as compared to couples from a decade ago. A prenup no longer serves as a means of protection for the rich, as they are being used by couples belonging to different income brackets protect their separate property in the event of divorce in the future. However, before you discuss this matter with your partner, it is better to weigh in its benefits and drawbacks to ensure it is the right option for you.

The Benefits of a Prenuptial Agreement

  • If one spouse owns a business, a prenup can protect it from being subject to division or control of your former spouse upon dissolution of marriage.
  • A prenup can put a cap on the amount of maintenance that one spouse must pay the other after the divorce settlement.
  • It can secure the inheritance right of children that are from a previous marriage.
  • If a spouse gives up their career for the sake of marriage, they can include a provision for getting compensated for their sacrifice in case the marriage does not work out.
  • If a spouse has relatively more debt than the other, the one with the least amount of debt will not have to bear the burden of the other spouse’s debts after divorce.
  • Aside from protecting the financial aspects of spouses, it can include provisions for responsibility sharing and decision making regarding different matters.
  • A prenup helps older individuals to protect their financial interests so that they can make provisions for their property and assets when entering a second or subsequent marriage.

Drawbacks of a Prenuptial Agreement

  • It can create a sense of lack of trust between spouses and can be uncomfortable for prospective spouses to discuss about ending their marital relationship before they are married.
  • The spouse with lower or no earning capacity may become accustomed to a certain lifestyle during the marriage that they may not be able to sustain after divorce if the agreement puts a considerable limit on maintenance.
  • Discussing about financial issues, responsibility of debts, estate planning, and property rights can be unpleasant and stressful for couples at any time. Taking care of these matters at the beginning stage of the relationship can be stressful for both partners.
  • The prenup may revoke your right to inherit any property or assets of your spouse in case they die. Under Illinois law, the surviving spouse will receive an equitably distributed portion of the estate, even if there is not such a provision in your spouse’s will.

If you want to plan ahead for the division of your property and debt after divorce, a prenup may be the right choice for you. It is essential that you discuss your needs with a family law attorney to get legal insights into this matter. Contact Casement Group, P.C. today at (847) 888-9300 for a free consultation with an experienced and reliable attorney.

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