A couple’s wedding day may very well be one of the happiest days of each partner’s life thus far. This happiness can be traced back to the fact that many months and sometimes years go into planning a wedding, often down to each minute detail. However, planning for a wedding and marriage are two entirely different things. Preparing for marriage can involve many responsibilities, few as crucial as preparing for the financial implications of getting married.

It is becoming more common for couples to negotiate and sign a premarital agreement or prenuptial agreement. These agreements are invaluable tools that spell out how a couple will handle debts, assets, and other financial issues if they decide at some point to get divorced. While some find these agreements to be “unromantic,” this is not the intention of such agreements. However, suppose you and your partner are considering marriage. In that case, it may be wise to consult with an experienced attorney trained in helping couples secure financial security and remove doubt about who will get what in the event of a future divorce.

Situations Where Couples Should Consider a Premarital Agreement

Under Illinois law, a premarital agreement must be in writing and signed by both parties. It is understandably difficult for many soon-to-be newlyweds to contemplate what a future divorce may look like. Nothing in this world is perfect, and preparing for the worst while hoping for the best is a healthy and wise way to prepare for whatever the future may hold. When it comes to premarital agreements, there are specific situations that can provide couples with a greater incentive to sign a premarital agreement. 

Every state has unique property division laws in the event a couple gets divorced. In contrast to 50/50 property division states, Illinois uses a method known as “equitable distribution” in which spouses, sometimes with the help of a mediator or judge, divide their property and debts in a fair manner.

This method makes sense for couples, but it might not work for others. Engaged couples who worry that Illinois’ equitable distribution method would not properly reflect their wishes or circumstances may want to create a valid prenuptial agreement before they get married. If a prenuptial agreement is legitimate, it supersedes state law regarding property division and allows couples to preemptively negotiate the division of property if they get divorced.

Why Would a Couple Create a Prenup?

Although prenuptial agreements used to be financial instruments mainly for the wealthy and legally savvy, they are becoming more and more common. Couples may benefit from a prenup if they fit into one of the following circumstances:

If you are like most people, you may assume that “typical” marriages do not require a prenuptial agreement. You may even think that premarital agreements are only used by the extremely wealthy. However, prenuptial agreements and other marital agreements can be powerful legal tools. Through a prenuptial agreement, you and your soon-to-be-spouse can define your property rights and responsibilities and start your marriage with a frank and honest discussion about financial concerns.

Differentiate Between Marital and Separate Property

When a couple marries, they combine many of their assets and debts. Assets and debts obtained by either spouse during the marriage are considered marital property. Assets and debts obtained before the wedding and certain gifts as well as inheritances are separate property and not subject to division during divorce. Through a prenuptial agreement, you and your spouse can decide which assets and debts are marital and which are owned by only one of the spouses. This is beneficial in the event of divorce and can also help spouses with estate planning concerns when a spouse passes away.

Determine a Spousal Maintenance Arrangement

Spousal maintenance, referred to as alimony, is financial support one spouse pays to the other upon divorce. Either spouse may petition the court for spousal maintenance during divorce, but Illinois courts typically award alimony to spouses when a spouse is placed in a financial disadvantage by divorce. The amount and duration of spousal maintenance payments are usually determined via statutory formula, but this is not always the case. If you want to have more control over spousal maintenance in the event that your marriage ends in divorce, you can determine a maintenance arrangement now and write it into your prenuptial agreement. The court will uphold your agreement unless there are major issues with the maintenance provisions that make them invalid.

If you andy your partner are soon to be married, you may want to consider the option of taking a  proactive approach by getting a premarital agreement. In the state of Illinois, a prenup is an agreement made by a couple before they get married that concerns the ownership of their respective assets if their marriage were to fail for any reason.

How to Get a Prenup in Illinois

Before you take the steps it takes to get a prenup you may want to speak with your future spouse about moving forward with the idea. You can explain to your partner that a prenup can protect both of your interests and can be mutually beneficial.