Four Reasons to Get a Premarital Agreement

 Posted on September 17, 2020 in Family Law

Getting engaged is an exciting time. You are likely busy planning for the wedding, and cannot wait to talk about it with your family and friends. Although this is a time of celebration, it is also time to really consider your future, and how you can protect it. Premarital agreements are no longer only for the wealthy, and they are not seen as the romance killers that they once were. Instead, premarital agreements can actually strengthen your relationship, and provide the security you and your soon-to-be spouse both need. If you are planning on getting married, below are four reasons to get a premarital agreement.

You Own a Business

A divorce can greatly threaten your business. If it is considered a marital asset, which businesses often are, it will be subject to property division rules and therefore, you may have to sell it as part of the divorce. A premarital agreement can identify your business as a separate asset and protect it from being divided or sold.

You Have Been Married Before

If you have been married before, you may have another family and legal obligations attached to them. You may have to pay alimony to your former spouse, or you might have to pay child support. These obligations do not stop when you get married again. A premarital agreement can very clearly outline these obligations and state what funds are going where.

Your Fiancé Has A Lot of Debt

During a divorce, it is not only assets that are subject to property division rules, but also any marital liabilities, such as debt. If your fiancé has a lot of debt, or you fear they will in the future, a premarital agreement will ensure that you are never responsible for any part of it. For example, if you know that your spouse is going to graduate school, you can include within the agreement that you are not responsible for any of their student loans.

You Are Concerned About the Future

If you have children, you may want to leave them an inheritance. If you divorce without a premarital agreement, you may not be able to leave them as much as you would like because your ex was awarded certain assets during the divorce. A premarital agreement can help ensure that your plans are solid and that you can always carry them out as you wish. Likewise, if you are worried about suffering a disability at any time in the future, a divorce may also take the assets you need to deal with it. A premarital agreement can help protect your future, no matter the unforeseen circumstances that arise.

Our Illinois Family Lawyers Can Draft Your Premarital Agreement

If you are getting married and want to protect yourself with a premarital agreement, our skilled Hinsdale family lawyers can help. At the Law Office of Martoccio & Martoccio, our skilled attorneys will draft an agreement that protects your best interests today, and in the future. Call us today at 630-920-8855 or contact us online to schedule a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000