Should You Get a Prenup?

By Nottage and Ward on April 27, 2012

A pre-nuptial agreement is a contract between spouses, which is entered into before the couple gets married. This contract often contemplates and determines the rights and responsibilities of each party in areas such as property division, maintenance, distribution of any assets, and other family law matters in the event of a divorce/separation. It may also address estate planning issues in the event that one of the spouses dies during the marriage. A pre-nuptial agreement cannot impact a child’s right to receive financial support, child custody or involve anything criminal. Pre-nups can eliminate legal gray areas and provide a couple with more security for their future. They are not for everyone, however.

There is a negative stigma surrounding pre-nuptial agreements, according to The Huffington Post. However, though formerly seen as a detriment to marriage and even an inducement to divorce, pre-nuptial agreements may actually strengthen a marriage. While pre-nuptial agreements recognize the possibility of divorce, it does not mean divorce is inevitable. Thinking of a pre-nup as legal protection for when you divorce is inaccurate and is not the point of a pre-nup. The point is to make sure your future is secure, no matter what happens. There’s nothing wrong with being prepared. There are a few factors to consider when determining whether you should get a pre-nup:

• Your ages. Older couples with accumulated assets can benefit more from a pre-nup than younger couples;
• Children from a prior relationship. A pre-nup can protect the financial future of children from a previous marriage;
• Substantial assets. The more assets you have, the more reason to protect them; and
• Inequality of assets. If there is a large disparity of assets between you and your soon-to-be spouse, you should get a pre-nup.

How you decide to approach your marriage is completely up to you, but it is important to understand the options available to you. If you are considering entering into pre-nuptial agreement in Illinois, the experienced Chicago pre-nuptial agreement attorneys at Nottage and Ward can help you make an informed decision about your future. To learn more, call us today at (312) 332-2915.