A Prenuptial Agreement May be Right for You

 Posted on March 24,2015 in Prenuptial Agreement

There is nothing on earth quite like the feeling of falling in love. For as long as most people can remember, they have dreamed of the day they would meet "the one" and enjoy a long, happy life together. Social traditions, of course, change over time, and the landscape of a modern marriage has been greatly impacted as a result. Previous generations saw marriage primarily as a starting point from which a young couple was expected to start building a life together. Virtually every life achievement, job promotion, or major purchase was experienced as a couple, and the idea of a prenuptial agreement seemed to have little value in most situations.

Over the last several decades, however, trends show that more Americans are waiting longer than ever to get married, meaning that, as individuals, there is more time to accumulate assets, create business opportunities, and generally establish independent identities. When the time comes for marriage, both partners are bringing more of their lives with them than ever before. For many, establishing a formal arrangement prior to getting married may provide both partners with the security they need to fully commit themselves to the success of the marriage. In this sense, a prenuptial agreement can be more than just an insurance policy against divorce; it can actively contribute to a happy and healthy marriage.

Common Considerations

Prenuptial agreements can utilized to address a number of issues in Illinois, including:

• Each partner&s rights to specific or marital property during the marriage, including inherited assets or heirlooms;
• Requirements for creating a will or other estate planning documents;
• Financial obligations in regard to personal debt;
• Rights and responsibilities regarding to owning a business, either individually or jointly;
• Agreements regarding property division or spousal maintenance in the event of divorce; and
• Other considerations that may be contracted under law.

Child Issues

Child support or custody arrangements are not permitted to be established in advance and are, therefore, excluded from prenuptial agreements. Additionally, the state of Illinois recognizes child support as a right belonging to the child, not either parent, and must consider the child&s best interest at the time of divorce. All agreements regarding child custody or support must be made if and when they become necessary, and must take into account the circumstances affecting the current situation, which a prenuptial agreement may not be able to accurately predict.

As you and your future spouse plan for your marriage, it is important to look beyond wedding dresses and honeymoon reservations. You need to be prepared to join your lives together in such a way that affords you both the best opportunity for a lifetime of happiness. A prenuptial agreement may be able to help you do just that. Contact an experienced Lombard family law attorney at A. Traub & Associates. We will work with you as a couple to draft an agreement that meets the needs of both you and your spouse while protecting your future.