Whether or not to enter into a prenuptial agreement with a soon-to-be-spouse can be a contentious issue; many worry that prenuptial agreements are unromantic, or may even be indicative of predicting that the marriage will fail. However, prenuptial agreements have a number of benefits, too. Indeed, consider these five reasons for forming a prenuptial agreement in Illinois–
- Prevent Surprises in a Divorce
One reason to get a prenuptial agreement is that doing so can help to ensure that both you and your spouse understand your financial obligations in a divorce and what a divorce settlement will look like should you choose to part ways. This can both prevent surprises in a divorce, and save money on litigation costs and lawyers’ fees in the future.
- Avoid Future Arguments
When you form a prenuptial agreement, both parties have a duty to fully disclose their finances to the other party, laying it all out on the table – the good and the ugly alike. This means that before you even say “I do,” you and your spouse will both be fully aware of the other’s financial picture, assets and debts. This can help to avoid future arguments about money (arguments about money are a leading cause of strife in a marriage), especially if your prenuptial agreement includes language regarding who has the right to acquire or sell property, who will manage the money in a relationship, how bills will be paid, etc.
- Practice Communication and Compromise Skills
Forming a prenuptial agreement is often a crash course in negotiation and communication; indeed, reaching an agreement that everyone is happy with often takes some compromise. Before you get married, having to work together to reach an agreement about something so serious can be a great experience, and allow you to both enter your marriage feeling accomplished, on the same page, and like teammates.
- Ensure Your Loved Ones are Provided For
One reason that prenuptial agreements are used is to ensure that loved ones are provided for in the event of a divorce, or in the event that you or your spouse dies. For example, you can use a prenuptial agreement to discuss the formation of a trust to provide for a parent should you pass away first, a disabled loved one, or a child from this marriage or another marriage.
- Protect Yourself
Finally, a prenuptial agreement is a tool for protecting yourself. Whether you are a high asset individual, want to ensure that you won’t have to pay an unfair spousal maintenance award if you die, have a business you want to remain in the family, don’t want to incur your spouse’s debt, or something else entirely, creating a prenuptial agreement is just part of being responsible.
Call Our Family Law Attorneys Today
Forming a prenuptial agreement can be a tough thing to suggest to your partner but can be highly advantageous for both of you. What’s more, a prenuptial agreement can be changed with the consent of both parties at a later date. To learn more about creating a prenuptial agreement, contact our team at the offices of Fay, Farrow & Associates, P.C. for a consultation.