Most Illinois residents are at least a little familiar with prenuptial agreements. However, they may or may not understand exactly how these legal documents can work for both spouses upon divorce. When you hear about celebrity prenups, most of the focus is on how one spouse comes out of the divorce in a far better position than the other spouse. However, you must understand that the real purpose of a solid prenuptial agreement is about fairness to all.
To answer the question, yes, a well-drafted prenuptial agreement can go a long way toward helping you and your spouse avoid property division disputes when divorcing. This is particularly beneficial for high net worth couples, but also works very well for those of modest wealth as well. The prenuptial agreement approach to dispute prevention works best when both spouses work together to make decisions about how marital property is divided.
It does not matter if you are just starting out and have virtually no assets. With the right legal language, you and your future spouse can address assets, property and general wealth that you do not yet possess. In most cases, you will both benefit from using a lawyer to help you draft the agreement. This ensures that it will stand up to scrutiny and that it does not contain any errors that could unfairly benefit one spouse over the other.
Not many people like to think about a marriage ending before it even begins, but in today’s economical landscape it is smart to entertain all possible scenarios. If you need information specific to your personal situation, you should speak with an attorney about any future property division concerns you may have.
Source: FindLaw, “What Can and Cannot be Included in Prenuptial Agreements,” accessed May 10, 2016
