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Hillside, IL 60162

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3 Common Reasons to Enter Into a Prenuptial Agreement in Illinois

Posted on in Family Law

Oak Park family law attorney prenuptial agreement

The idea of signing a prenuptial agreement (prenup) is often thought to be a taboo topic to bring up with your spouse or loved one. Some people may think that wanting a prenup is a sign that you do not trust your soon-to-be spouse, or that you do not see the marriage lasting. While these perceived negatives do exist with regard to prenups, many millennials are still deciding to enter into this legal document. In the past, many couples got married right out of high school or college, with little or no savings or income, and also filing for divorce was considered giving up too easily. But times have changed, and so have views regarding marriage. With many couples waiting to get married until they are in their 30s or even 40s, such individuals often have many more assets to bring into a marriage, making them want to consider entering into a prenuptial agreement.

A Financial Gap

The most common reason that you may have heard of prenuptial agreements is that many celebrities enter into them to protect their assets in case of divorce. While not everyone is a rich and famous celebrity, it is fairly common for individuals to come into a marriage with very different financial situations. One spouse may have a large sum of money in savings, or perhaps he or she received an inheritance from a family member, while his or her partner is not as financially fortunate. Upon getting married without a prenup addressing this kind of a large asset difference, oftentimes most assets will then be considered marital. This could mean that your spouse might be able to receive a portion of your money in the event a divorce occurs. However, if you address this asset gap before the marriage in a prenup, your savings are more likely to be protected and reserved for you.

Other Dependents

Those who have children from a previous marriage or partner should enter into a prenuptial agreement to protect those children’s rights to your assets or finances. Similar to in a will, in a prenup you can designate what you wish to go to your kids in case of a future divorce. If you and your spouse plan on expanding your family, it is important to be sure that your other children are not left out in the asset-splitting process in a divorce. An experienced family law attorney can make sure you address all of these concerns in a prenup. 

Taking Care of Business

Whether you are the owner of a family business or have helped build a successful company along with others, you should consider how you would like your business interests addressed if you or your spouse were to file for divorce. Sometimes spouses work together, especially if they have a family business. However, if you did not build the business with your spouse, you may not want him or her to be awarded any business interests if your marriage ends. Without a prenuptial agreement in place, later you could be involved in a divorce court battle over how the business interests will be divided.

Call a Hillside, IL Prenuptial Agreement Lawyer

In order to protect your finances, children, and/or business, you should consider entering into a prenuptial agreement before walking down the aisle. You do not have to have a lack of trust in your partner or assume that your marriage will fail in order to take this protective measure. At the Law Office of Vincent C. Machroli, our legal team has worked with numerous clients throughout the Chicagoland area over the past 33 years, and we have seen many times how prenups often can actually strengthen your bond with your partner, as well as protect your interests in case a divorce occurs. For more information about possibly entering into a prenuptial agreement, call our skilled Oak Park family law attorney today at 708-449-7404 to schedule a free consultation.

 

Sources:

https://www.theknot.com/content/what-is-a-prenup-should-you-get-one

https://www.businessinsider.com/reasons-to-sign-a-prenup-before-marriage-2018-10 

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59

 

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