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The best time to talk about a prenuptial agreement

On Behalf of | Dec 19, 2021 | Firm News |

A discussion about a prenuptial agreement while still dating may be embarrassing because it presupposes divorce before the couple has walked down the aisle. However, engaged couples in Illinois may find signing a prenuptial agreement will provide financial benefits and help avoid tricky issues later on, when the couple may be on the verge of a divorce.

A prenuptial agreement identifies, before the marriage takes place, the personal assets of each spouse which will not be subject to division, and the marital assets, which will be subject to division. Division of debt also can be addressed in a prenuptial agreement. An important note is that a prenuptial agreement cannot include child custody or child support matters because these issues will be decided by the court in the best interest of the child at the time of divorce.

Circumstances may indicate that signing a prenuptial agreement may be needed and these can be varied. Second marriages often need a prenuptial agreement because an individual is getting married a second time usually has property and other assets that the person may not want viewed as marital assets in the event of divorce. A prenuptial agreement would address this situation very handily and help the newlyweds avoid a financial mess in case the second marriage heads for divorce.

If a spouse has children, then it is better to enter into a prenuptial agreement because the agreement would clearly highlight what would be left to a spouse’s children in case of a divorce or death. Also, great differences in financial wealth may also signal the need for a prenuptial agreement so a wealthier spouse can protect assets amassed before the marriage. Also, if a potential partner has a lot of debt, a prenuptial agreement will identify who is responsible for that debt in the event of divorce.

Source: The Huffington Post, “Everything You Need To Know About Prenups,” Ivy Jacobson, June 1, 2015