Engaged Illinois couples have much to look forward to, and few of them likely consider what will happen in case their marriage does not end happily. It is not romantic to think about the possibility of divorce in the future, yet it can be prudent to consider ways you can protect yourself before you get married.
One of the ways you can shield your future interests is by drafting a prenuptial agreement. Many people think that this is really only necessary for the wealthy or those with significant assets, but in reality, it can be a practical move for many. This simple step can help you have a contingency plan in place and secure peace of mind as you move forward to marriage.
The agreement that is right for you
There is no one-size-fits-all solution to drafting strong prenuptial agreements. You can custom-tailor yours to suit your unique needs and meet your individual objectives. In fact, you can do the following as part of your prenuptial agreement:
- Outline the division of marital debt in case of a divorce, as well as protection against leaving the marriage with the other spouse’s individual debt
- Provide for children and grandchildren from a previous relationship
- Keep your family property in your family after a divorce
- Specify what is marital property and what is separate property
- Decide how to approach spousal support in the event of a divorce
A prenuptial agreement is not necessarily only a plan for what could happen in case of a divorce. It may also allow you to outline the financial responsibilities of both yourself and your soon-to-be-spouse.
There are certain things that you cannot do with your agreement. For example, you cannot decide on child support or outline custody in a prenuptial agreement. Despite its limitations, this type of agreement can provide you with many benefits and peace of mind for the future.
You can plan for your future today
Some couples find that discussing a prenuptial agreement actually spurs on important conversations regarding money and finances. This can be especially useful before marriage, potentially eliminating future money-related conflicts.
Before you walk down the aisle, you may find it beneficial to first walk toward a strong, thoughtful prenuptial agreement. It could be helpful to first seek a complete evaluation of your case in order to understand your options and the legal ways you can protect your future financial interests.