What are the Fundamentals of a Prenuptial Agreement?
Like most people, you may view divorce as a difficult process to endure. You may worry that there will be many lonely nights thinking about the future, particularly in regard to money. That is why having a prenuptial agreement is recommended. Before a couple ties the knot, this arrangement is a great way to safeguard finances during divorce in an efficient and legal manner.
In this article, we will explain what a prenuptial agreement is and how it affects the divorce process. Even if you feel you have a firm grasp of prenuptial agreements, it is important to work with a Geneva, IL family law attorney who can best evaluate your situation and help you draft a prenup that is both legally enforceable and tailored to your preferences.
What is the Definition of a Prenuptial Agreement?
The definition of a prenuptial agreement is a legal arrangement that is created by two partners before they wed. The arrangement dictates how the couple will manage their assets during divorce and can also detail the financial responsibilities of a couple during a marriage. The arrangement is put into action after the couple weds.
Why is a Prenuptial Agreement Recommended?
There are lots of folks who may find the concept of this agreement unappealing. But in reality, the document is a great way to feel more secure in your marriage. In fact, the prenuptial agreement has become more popular in recent years. This is simply because you can rest assured that you know what will happen to your assets should your marriage ultimately fail.
There are other reasons this arrangement can be beneficial. If you have children from a prior spouse, this arrangement can allow for their inheritance to remain secure. Additionally, if you have retirement funds or other assets, it could be helpful to safeguard these funds from any questions around property division should you eventually divorce.
Finally, it is important to remember that in the case of a divorce, asset division will happen regardless if there was a prenuptial agreement or not. But having a prenup can significantly ease the process by establishing what is considered marital property, what is considered private property, whether there will be spousal support payments, and more.
Schedule a Meeting with a Geneva, IL Divorce Attorney
Even if you think that a divorce is not in your future, it is still advisable to set up precautions before you marry. By doing so, you can be reassured that your assets and funds are secure. We recommend you contact an attorney who can help you make the process flow as smoothly as possible. Our Kane County, IL divorce attorneys at The Law Offices of Douglas B. Warlick & Associates can assist you if you contact us at 630-232-9700. It is our hope that by working together, you can enjoy a worry-free and contented marriage.
