There are many common misconceptions about prenuptial agreements. Many people mistakenly think that creating a prenuptial agreement is a waste of time, or that such an agreement is an indicator that the couple will certainly get divorced. The reality is that signing a prenuptial agreement can save you time, stress, and money in case you do get divorced. There are many advantages associated with a prenuptial agreement, particularly for couples with high net worth. Read the information below to learn how you may benefit from a prenuptial agreement. Then, contact an experienced family law attorney in your area.
The Advantages of Prenuptial Agreements
A prenuptial agreement is a contract made between two people intending to get married. The agreement is written and signed before the marriage takes place. The purpose of a prenuptial agreement is to prepare in the event the couple gets divorced or encounters another significant life event, such as death. Of course, these agreements can settle issues common in divorce, so that if a divorce takes place, the couple can avoid extensive litigation.
For example, a prenuptial agreement can determine how the couple’s property will be divided upon divorce. In the agreement, the couple can define what will not be considered marital property, how much spousal support (alimony) each spouse will receive, if any, how a joint business will be divided, and other financial matters. In fact, prenuptial agreements give couples a great deal of flexibility to determine how divorce disputes would be handled. Because this type of agreement is a private contract, a couple can generally include almost any provision they mutually agree upon.
Prenuptial agreements can be especially beneficial for couples of high net worth. Often, these individuals have independent wealth they may want to protect if a divorce occurs. Or, the individuals may own a lucrative business or business interests. Whatever the case, preparing a carefully planned prenuptial agreement can help avoid lengthy divorce litigation. With your agreement, you can resolve divorce issues before they arise. Then, if you do decide to divorce, you can avoid the timely process and litigation costs associated with many contested, high net worth divorces.
Enforcing Your Agreement
If you get divorced, you may need to ask the court to enforce your prenuptial agreement. Before enforcing your prenuptial agreement, you must prove to the court that the agreement is valid. State law sets forth validity requirements for these agreements. One important requirement is financial disclosure. Each individual must fully disclose the state of his or her finances to the other before signing the prenuptial agreement. In addition, neither person must have been coerced to sign the agreement, or forced to sign under duress. Once the court determines that your agreement is valid, you can request enforcement of the provisions within the agreement.
Call Naperville Divorce Lawyers Today
Individuals of high net worth face unique challenges during divorce. One way to head off some of these challenges is to sign a prenuptial agreement. It is important to consult with an experienced family law attorney before signing any such agreement. At Fay, Farrow & Associates, P.C., our legal team has helped countless clients throughout the Naperville area create a prenuptial specific to their needs. Contact us today to schedule a free initial consultation, and discuss your legal goals with a lawyer now.