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April 26, 2016

Prenuptial Agreements Are A Great Pre-Divorce Planning Tool

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Prenuptial Agreements Are A Great Pre-Divorce Planning Tool

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When considering marriage, you need to think long term about what may happen in the future and prepare for all of the potential worst-case scenarios. Such worst-case scenarios may range from fear that your husband could die prematurely during the marriage leaving his wife and children behind, or fear about what will happen if the marriage ultimately ends in divorce.

Whether you are a child of divorce, have an intense fear of the uncertainty that a divorce could bring into your life, or are a dedicated planner, pre-divorce planning may soothe your fears concerning the “what ifs” that might arise if your marriage ends in divorce. Women often inquire about one particularly useful pre-divorce planning tool, prenuptial agreements. The professionals at the Women’s Divorce & Family Law Group work with countless women to develop the pre-divorce planning strategy best suited for their needs, and we can help you too.

When Is A Prenuptial Agreement A Good Idea?

Many people have the common misperception that prenups are not for ordinary people. However, a prenuptial agreement is a good idea for anyone who wants one. A prenuptial agreement can give you peace of mind and many people view a prenuptial agreement as a form of insurance they hope to never need. Prenuptial agreements can hold significant value for women who:

  • Own their own business that their soon-to-be husband or spouse has no interest in;
  • Already own a home in their own name or other significant assets, stocks or real property;
  • Have children from a previous marriage;
  • Make more money than their soon-to-be spouse; or
  • Are obtaining educational training for a potentially lucrative career, such as a law degree, medical degree, etc.

What If You Missed the Prenup Boat And Are Already Married?

Even if you are already married, you can still seek to enter into an postnuptial agreement with your spouse. A postnuptial agreement is similar to a prenuptial agreement in that spouses can agree on how to handle financial issues, property issues and maintenance issues in the event of a divorce. The couple can incorporate the requirements set forth in the Illinois Marriage and Dissolution of Marriage Act pursuant to 750 ILCS 503(d)(7).

Many spouses find discussing the division of assets while married easier because they feel committed to one another. Conversely, sometimes broaching the subject of a prenuptial agreement before getting married can spook the bride and groom, viewing the prenuptial agreement as conveying that they are not committed to the marriage.

If you are interested in having a prenuptial agreement prepared prior to your marriage, or need other pre-divorce counseling, please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 445-8830 or by clicking here.

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