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October 5, 2021

Prenuptial Agreements -“Prenups”

Introduction:

Marriage can be one of the most exciting endeavors in a relationship.  Leading up to the wedding, a couple’s time can oftentimes be consumed with planning the picture perfect wedding or saving up for that dream honeymoon. During this time, it is also important to begin planning for the future.  Part of planning for the future can include how couples are going to protect their hard earned assets. A prenuptial agreement, often referred to as a “prenup,” could offer protection to a person’s properties and assets in case of a divorce, or possibly even death. These sort of outcomes may be the last thing you want to think about when preparing for marriage, but it’s important to begin thinking logically and to be prepared for possible unfortunate outcomes.  We all take precautions and doing so for a marriage does not need to be any different.

What is a prenup?:

Many of us have heard of prenups in shows, movies, and even songs.  It has been made notorious from the preconceived notions pop culture has given it.  Prenups are not just for rich CEOs or celebrities, it can be beneficial to couples regardless of their background. A prenup is a legal agreement between spouses made before marriage.  Prenups can outline the disposition of real and/or personal property, spousal support, and other matters regarding personal rights and obligations.  Prenups can define what assets are personal property and which assets are  marital property.  These agreements can protect the property and assets you owned before marriage.  There are some requirements that must be met for a prenup to have the chance of standing up in court.  One of which requires each spouse signing the waiver voluntarily and willingly.  Depending on the state you reside, prenups can have many requirements.  This is why it is important to hire a professional, experienced attorney to draft prenups that consider the statues in your particular area.  A poorly written or DIY prenup has the potential to not hold up in court, and essentially be worthless. 

Protecting yourself from the unknown:

Another benefit of a prenuptial agreement is that they can protect you from an unknown debt acquired by your spouse.  If your spouse has racked up credit bills, student loans, and other debts, they could potentially be seen as marital property in court, and you could be left responsible for that debt.

Don’t let emotions get in the way of important conversations:

Although it may be a difficult or uncomfortable conversation to bring up, speaking with your significant other about finances is extremely important.  This is especially true when you are thinking about marriage.  Speaking about prenups allows for you and your spouse to communicate about the future, protect yourself, and protect one another. Communication is key in maintaining a long and healthy relationship, and discussions about prenups can allow you and your spouse to have these conversations, be transparent, and be prepared.

  

The Cosentino Law Firm, LLC has been drafting detailed and reliable prenuptial agreements for Northern Illinois and  the greater Chicago area for over 17 years.  For more information on family law matters, contact our main office: 815-758-4441 or fill out our online form to see if our experienced family law attorney could assist you: https://www.cosentinolaw.net/contact.

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