Prenuptial-Agreement
A prenuptial agreement, also known as a premarital agreement, is a contract between two people who are to be married. A “prenup” typically spells out what each person owns, as well as owes, and what their property rights will be in the event of death or divorce. Many people assume that a prenup is merely a precursor to divorce, and that having a prenup is setting you up for a meeting with a divorce lawyer in Chicago. According to experts, this is not true at all. Here are some of the benefits of having a prenup, and when you should consider having one.
Benefits of a Prenuptial Agreement:
Prenuptial agreements can protect the assets of both parties entering into a marriage. Whether you have a high net worth, or even something of lesser value, a prenup has many benefits such as:
- Defining all property as either separate or marital
- Influencing trusts and wills
When You Should Consider a Prenup:
As a Chicago divorce attorney, I believe there are times when you should definitely have a prenup in place before you get married. Among those times are:
- When one partner comes into the marriage with assets they want to protect in the event of divorce.
- When you are remarrying. When you enter into a subsequent marriage, the financial and legal stipulations may be different from your first marriage. There may be child support, alimony or other assets from the previous marriage that may come into play.
- When one partner has a lot of debt. If your partner has a lot of financial debt, you do not want to be responsible for it if you should get divorced.
- When one partner owns a part or whole business, you may want to provide stipulations for that business.
A prenuptial agreement has many benefits for a married couple. Entering into a marriage with a prenup in place can protect the assets of both partners. If you are looking for a Chicago divorce attorney to help you write a prenup, or even look over an existing one, contact me.
