What to Include in Your Premarital Agreement

 Posted on December 23, 2020 in Family Law

Many people think the hardest part of a premarital agreement is asking their partner to sign one. However, the most challenging part may be deciding what to include in the contract. It is usually wise to have an idea of what you want in the agreement even before asking your soon-to-be spouse to sign one. Knowing what you want in your contract can provide a way to start talking about it, and can also help you explain why you want one to your partner.

Issues to Include in Your Premarital Agreement

Premarital agreements are mainly used to address any property division issues that may arise in the event of divorce. The most common issues to address in a premarital agreement are as follows:

• Providing children from previous marriages with certain assets
• Defining the owner of a business
• Division of retirement benefits
• Outlining separate and marital property
• Division of debts
• Defining the spouse to receive maintenance and the amount
• Division of joint accounts
• Division of household expenses
• Division of savings account
• The cost of higher education for either spouse and how that cost is divided after divorce

Understanding the items you want to include in your premarital agreement is a good start. Once you know which items you want to include, you can then take it one step further.

Planning to Draft Your Premarital Agreement

Knowing what you want to include in your agreement is good, but putting your thoughts down on paper is even better. Write down the issues most important to you that you want to include in the contract. Also, include how you would like certain types of property distributed, managed, or who you want to own them in case you get a divorce.

There is also a good chance that you will have complex property division issues involved in your premarital agreement. For example, if you own a business jointly with your spouse, you may have an idea of how you want to divide it, but may not know if that is a viable option. After you write down the issues you want to include, also write down any questions you have about how to divide them and what options you have. Having these questions at the ready will ensure you do not forget to ask them and get the legal answers you need when you are ready to consult with a lawyer.

Our Illinois Family Lawyers can Help with Your Premarital Agreement

Premarital agreements are becoming more common today, as people begin to understand the vast protection they provide. A contract will only offer this protection, however, if the courts deem yours enforceable. At the Law Office of Martoccio & Martoccio, our dedicated Hinsdale family lawyers can advise on all the options you have for the division of certain types of property so that your premarital agreement provides the full protection you are hoping for. Call us today at 630-920-8855 or contact us online to schedule a free initial consultation with one of our skilled attorneys.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59