For people with substantial personal assets or children from previous relationships, it can be important to protect those assets, and their distribution to intended future beneficiaries, before entering into a marriage. For most people, a well-drafted, enforceable prenuptial agreement is the best legal option. However, for a variety of reasons, some prospective spouses simply won't agree to sign one. What then?
More and more couples are getting prenuptial agreements before walking down the aisle. The point behind these agreements -- commonly referred to in Illinois as prenups or premarital agreements -- is to address just how property would be divided in the event of a divorce. These are not to jinx a marriage, but are rather to protect the interests of both parties involved.
A prenuptial agreement is one way to handle property division. Granted, many might not find it the most romantic to negotiate a prenuptial agreement before a marriage, but doing this ahead of time does ensure that in the case of a divorce -- especially a high-asset divorce -- property would be properly divided.
Divorce can get messy. There's dividing up property, figuring out child custody and visitation schedules and coming to some sort of agreement on just how any marital debt should be taken care of. Without having an agreement beforehand on what to do in the case of a divorce, these issues can end up being drawn out in court with each spouse racking up litigation costs.
The definition of family and the rules of relationships have drastically changed in Illinois in the recent past. In the past few decades second or even third marriages are becoming more commonplace, and so have the views on prenuptial agreements.
When it comes to retirement savings accounts, like a 401(k), people often want the best advice when it comes to protecting those assets in the case of a divorce. And while the first piece of advice would be to plan ahead and have a prenuptial agreement before even walking down the aisle, for those without a prenuptial agreement, there are still other options that may be available.