Of all the tasks and activities involved with planning your perfect wedding, you may not focus on the one that only matters if things go south, creating a prenuptial agreement. Few couples want their nuptials to be preceded by signing a contract that anticipates divorce, but it may be wise to consider.
The Illinois Uniform Prenuptial Agreement Act allows soon-to-be spouses to hash out the details of property division and alimony, and there are numerous benefits for doing so. At the core of a prenup is certainty over what happens if the marital relationship breaks down, as well as the ability to make key decisions at a time when you are getting along.
Still, no matter how attractive the benefits may seem, a prenuptial agreement is not always a smart move. There are multiple factors to consider, so you should trust a prenuptial lawyer in Chicago for guidance. By answering the following questions, you can gain insight into whether a prenuptial agreement could be right for you.
What assets does each party bring to the relationship?
One important issue in a divorce case is property division since Illinois law requires an equitable distribution of all marital assets. The statutory presumption is that all items acquired before the marriage are the separate property of each party. With a prenup, the parties can:
- Stipulate what real estate and personal property belong to each spouse separately.
- Agree on how to divide marital assets.
Has either individual accumulated significant debt?
The Illinois property division statute also requires an equitable distribution of all financial obligations acquired during the marriage. A prenuptial agreement can accomplish the same two goals mentioned above, except with debt.
In addition, keep in mind that legal presumptions on marital assets and debts can be overcome with evidence to the contrary. A prenup can also be used to strengthen or redfine this presumption and ensure each spouse is responsible for the obligations incurred before the wedding.
Is there a considerable income disparity between the parties?
Alimony is another hotly contested issue in divorce, and it is more likely to be awarded when there is a substantial difference in each party’s income. Alternatively, an income disparity may develop during the marriage if one party foregoes employment opportunities to contribute to the household and family. Laying out the details of spousal maintenance in a prenuptial agreement makes a costly, drawn-out court battle less likely.
Is this a second marriage for either of you?
You are older now than the first time around. Your net worth may be higher, and you could be facing issues regarding retirement. Plus, you might have children to support. All of these factors are important when considering a prenuptial agreement.
Discuss Options with a Prenuptial Lawyer in Chicago
These factors are helpful when assessing whether a prenup could be right for you, but skilled legal representation is critical if you seek to create one. Or, if you need help understanding a prenuptial agreement presented to you by your betrothed legal guidance can be advantageous. For more information, please contact the prenuptial lawyer in Chicago, Michael C. Craven. You can call (312) 621-5234 to schedule a free and no-obligation consultation to discuss details.