How a prenup can help during a marriage and divorce, part 1
Throughout the United States, more people considering marriage create prenuptial agreements (“prenups”). While many believe that prenups are only for celebrities and the, it is important to understand that are helpful to everyone, including those living in Waukegan, Illinois, and Lake County.
Specifically, prenups are helpful not only during a divorce, but also during a marriage. First, they help establish where one’s assets go if a spouse dies. And, the agreements can include provisions on how money is distributed to children from outside of a marriage, like those from prior marriages.
In addition, prenuptial agreements can determine how finances are handled during the marriage and even assign one person to handle the finances. This could include how much money is deposited into checking or savings accounts, how much spending money each spouse receives each week, how much is put into investments and retirement accounts and how money is spent on leisure activities and costs, such as home improvements.
While prenuptial agreements can be drafted without the help of a legal professional, there are a few topics that cannot be included in prenups. In fact, having such items in a prenup could not only mean that those items will not be covered, but also could void the entire agreement.
Although it might be an awkward conversation, there are many benefits to prenuptial agreements that have nothing to do with divorce, though they can help during one. But, to make certain that one’s prenuptial agreement is binding, they should have it reviewed or drafted by a legal professional familiar with family law and prenups.
Source: Findlaw.com, “Can Prenuptial Agreements Help You?,” accessed on July 11, 2017