What is a Premarital Agreement, and Why Are They Important?

 Posted on October 18, 2022 in Prenuptial agreements

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. 

Scenarios where signing a premarital agreement is exceptionally sensible include:

• Considerable assets or debts before marriage – Premarital agreements can be beneficial if spouses bring significant amounts of property or obligations to the marriage. A binding agreement can protect such assets as non-marital property in the event of a divorce. 
• Children from another relationship – If either spouse has children from a prior relationship or marriage, a premarital agreement can help specify what property or assets belong to the child and not to the marriage. 
• Remarriage circumstances – If either spouse is getting married for a second or third time, premarital agreements can protect their financial interests.

Contact a Kane County Premarital Agreement Attorney

Making important decisions about the future of your marriage before your marriage has even begun is not easy. At The Law Offices of Van A. Larson P.C., providing financial security and peace of mind for your family is of the utmost importance to us. If you are getting married and believe a premarital agreement may benefit your family, contact our experienced Kane County premarital agreement lawyer today at 630-879-9090 for a free and comprehensive consultation. 

Source: 

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