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Wheaton family law attorney for prenupsPrenuptial agreements are legally binding documents that establish and protect spouses’ property rights, and they may also address spousal maintenance and other matters. Because many of the provisions in a prenuptial agreement only become effective if a couple divorces, prenuptial agreements, or “prenups,” are somewhat controversial. However, research shows that the popularity of prenups has been rising, especially among the millennial generation. Prenuptial agreements offer a range of benefits, but they may not be right for every engaged couple.

Rights and Responsibilities Addressed by Prenuptial Agreements

A prenuptial agreement is a contract that lists each party’s property and specifies the parties’ property rights in the event that the marriage ends. When a couple sits down to draft a prenuptial agreement, they will need to list all of the assets and debts that they currently own. Many couples find that this inventory process is beneficial in itself because it starts the marriage off with a degree of financial transparency and honesty that is absent in many relationships. 

A prenuptial agreement can be used to differentiate between marital and nonmarital property, identify how certain assets should be divided if the marriage ends in divorce, establish which debts belong to which party, address inheritance rights, make decisions about spousal maintenance, and more. By discussing these issues before getting married, engaged couples ensure that they are on the same page with regard to their finances and property. Furthermore, if the couple ends up divorcing, many of the divorce issues that will need to be resolved will already have been decided.

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Illinois prenuptial agreement lawyersWhen couples are getting ready to tie the knot, they are usually in the midst of a deep love that seems like it could never end. While you should always believe that your marriage will last a lifetime, it is sometimes wise to prepare for the possibility of a separation, down the road. Of course, facing the potentiality of a divorce with your fiance can be difficult, but by planning ahead and signing a prenuptial agreement, you can help ensure that your family will maintain a financially healthy future, even if your marriage ends in a divorce. If you are readying for a marriage, speak with a legal representative to discuss the benefits of developing a prenuptial agreement, prior to your wedding.

Who Should Look Into a Prenuptial Agreement?

A prenuptial agreement is an agreement that is made by potential spouses, prior to their marriage. It is designed to establish how the couple will handle the allocation of resources, distribution of debt, and other financial issues, in the event of a divorce. A prenuptial agreement is officially established once the marriage is finalized. While many people believe that the establishment of a prenuptial agreement is unromantic or pessimistic, there are many scenarios in which a prenuptial agreement can alleviate stress and help the couple avoid future disputes, down the road.

Protecting Your Family: If you have children from a prior marriage, the development of a prenuptial agreement can ensure that your children will have access to their inheritance. While a second marriage can be a new lease on life and a path into a wonderful relationship, it should be noted that 67% of second marriages end in divorce.

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