Several years ago, the idea of signing a prenuptial agreement may have been seen as unromantic and viewed as a lack of trust between partners. However, many couples in Illinois and around the country are now choosing to have these agreements created. Couples, particularly those in the millennial generation, are finding that there could be many reasons to secure their individual finances to make property division easier in the event of a divorce.
The purpose of a prenuptial agreement is to determine how to split up assets and finances before a divorce happens. In many cases, couples wait until later in life to get married. By this time in their lives, they have often already built up individual careers, businesses or property. A prenuptial agreement can insure both parties retain their own assets should a divorce occur.
Besides separating finances and assets, prenuptial agreements can also be used to separate debts. For example, such a document could be used to clearly specify who is responsible for paying certain debts like student loans or other financial obligations. Partners coming into a marriage with children from a previous relationship may also find these agreements beneficial, as they could delegate certain assets to the children in the event of a divorce.
Though property division can be accomplished for couples who did not sign an agreement before marriage, having a prenuptial agreement can make the process easier. Anyone interested in learning more about these types of arrangements could consult an experienced Illinois family law attorney to obtain more information. Additionally, an attorney could also assist in any future related legal proceedings.
Source: The Washington Post, “Why you’re more likely to have a prenup than your parents were“, Jonnelle Marte, Accessed on Aug. 22, 2017