Are Prenuptial Agreements Only for Wealthy People?

Are Prenuptial Agreements Only for Wealthy People?

By: Gordon & Perlut, LLC

Getting married represents one of the most serious and life-impacting commitments you can make. Most people do not enter into it thinking that they will end up in divorce court, but the fact is that it happens on an all-too-frequent basis. Putting a prenuptial agreement in place protects you in this situation, but that is only one of many benefits.

While it is always encouraged when wealthy people wed, our experienced Chicago prenuptial agreement lawyers at Gordon & Perlut, LLC explain the different advantages and why every couple should consider putting one in place.

The Advantages of Getting A Prenuptial Agreement In Illinois

Under the Illinois Statutes (750 ILCS 10/1), a prenuptial agreement, or ‘prenup’ as it is often referred to, is a legally binding contract. A couple enters into it prior to getting married, with the understanding that it will go into effect once they officially they tie the knot.

A prenuptial agreement dictates the terms of marital property and asset division in the event of a divorce and addresses whether one of the parties may be entitled to spousal support. Even if you are not wealthy or are just starting out, it provides the following advantages:

  • Full disclosure of any property or assets each person possesses.
  • Details individual debts and the amount owed.
  • Addresses attitudes about saving and spending money.
  • Clarifies the type of lifestyle each person expects to enjoy during the marriage.
  • Helps ensure your partner is provided for if anything happens to you.

Some people balk at bringing up a prenuptial agreement because they think it implies doubts about the relationship or can make divorce more likely. Far from it, a prenup can actually help to strengthen your marriage by encouraging open, honest discussions about financial matters, which is a common contributing factor in many divorces.

Who Should Get A Prenuptial Agreement In Chicago?

Our Chicago prenuptial agreement lawyers encourage wealthy clients to put a prenup in place, but there are others who can benefit as well:

  • If you are starting a new business.
  • If you expect an eventual inheritance.
  • If you have not yet created a will or other estate planning.
  • If you have children from a prior marriage.
  • If your partner has a significant amount of debt.
  • If they make significantly less or more than you.

It is important to note that there are some limitations of prenups. For example, if you do end up filing for divorce through the Cook County Court, a prenuptial agreement can only be enforced if it is fair and reasonable and both parties entered into it willingly. While it can address issues concerning money and property, it cannot limit your rights regarding child custody or child support.

Discuss Your Options With Our Chicago Prenuptial Agreement Lawyers

A prenuptial agreement is not just for wealthy people. It provides important benefits for any couple and can actually help strengthen your marriage. At Gordon & Perlut, LLC., we provide the trusted legal guidance you need in creating one. To discuss your options, give us a call and request a consultation with one of our proficient Chicago prenuptial agreement attorneys. Tel. (312) 360-0250