Why a Premarital Agreement May be Right for You
Premarital agreements have a bad reputation. People associate premarital agreements with a lack of commitment or as only appropriate for the very wealthy. But in reality, premarital agreements can provide stability and security to any marriage – regardless of financial situation. While Illinois’ divorce rate is somewhat lower than the national average, divorce is still common. If you live in Illinois and are contemplating marriage, consider whether a premarital agreement might be right for you.
A premarital agreement – also known as a prenuptial agreement or a “pre-nup” – is a written agreement between two prospective spouses in contemplation of marriage. Once signed by both parties, it becomes effective upon marriage.
- Which party is responsible for debts and liabilities, such as a mortgage, that accrue during marriage;
- Each party’s right to use, rent, sell, transfer or encumber property;
- How property and other assets will be disposed in the event one spouse dies; and
- The terms and conditions of spousal support in the event of divorce.
Rather than setting the stage for divorce, a premarital agreement is a way for both parties to reach a mutual understanding of their individual rights and obligations if the marriage terminates, or if one spouse passes away. These agreements can help protect loved ones in the event of untimely death, and they can protect assets that a spouse may have spent years accruing.
Some obligations cannot, however, be absolved by a premarital agreement. For example, a couple cannot agree that only one party is responsible for child support if the couple later divorces. Likewise, both parties must voluntarily enter into the agreement for it to be valid.
Considering a premarital agreement or want to learn more about the divorce process in Illinois? Contact Attorney Richardson at the Law Office of Nicholas W. Richardson, P.C., in Palatine, and put his extensive experience in all matters related to marriage and family law, including divorce, child custody, spousal support, and property division, to work for you. Contact Nicholas W. Richardson today to learn more about how he may be able to help you.