Not every couple feels comfortable discussing prenups when they’re preparing to get married, but the reality is that it’s an important legal document to protect both people’s interests. When you get married, you’re automatically agreeing to the financial rules set by Illinois law if the marriage ends in divorce. A prenup lets couples make these financial decisions at a time when they’re both thinking clearly about their future together. The default agreement doesn’t work for every couple, and it’s worth taking the time to decide together whether those default rules are right for your relationship.
What Happens If You Don’t Have a Prenup?
No one wants to go into a marriage without confidence that everything will work out. A prenup doesn’t mean that you don’t believe in your marriage. It’s a document that protects your interests in the worst case scenario. Without a prenup, Illinois law determines things like how assets will be divided, who’s responsible for debts, which property is considered marital, and which property remains separate.
A prenup can also reduce uncertainty later. Instead of trying to sort out complicated financial questions during a divorce, many of those decisions have already been discussed and documented.
Not sure whether you need a prenup or a postnup? Find out how prenups and postnups differ.
When Does a Prenup Make Sense?
Prenups are a smart financial strategy in many situations, like if one person owns their own business, already owns a home, has significantly more assets, or expects to get a big inheritance one day. On the other hand, each member of the couple should consider if they have big debts like student loans or medical bills that put them in a worse financial position. A prenup can clarify who’s responsible for the debt that one person brings into the marriage. It can also clarify whether a home owned before the marriage will remain separate property if the marriage ends.
Protecting the higher earner isn’t the main purpose of a prenup. It can also protect the spouse who wants to or is expected to leave the workforce to raise children. If the marriage ends years later, stepping away from work to raise children may leave that spouse in a much different financial position than when the marriage began. A thoughtful prenup can take those possibilities into account long before they become a problem.
If you’re engaged and wondering whether a prenup makes sense for your situation, speaking with an attorney early gives you more time to explore your options before wedding planning becomes more hectic.
Wondering how debt is typically handled during divorce? Learn more about whether you’re responsible for your spouse’s debt.
How Do You Make a Prenup That Will Hold Up?
If you and your partner decide you want a prenup, it’s important to start well before the wedding. The process of drafting the prenup involves honest conversation about your finances, debts and assets. While some couples feel uncomfortable having these conversations, talking through them before the wedding helps both people better understand each other’s financial expectations.
It helps if each person has a separate attorney to protect their interests. Put everything in writing, and know that if your circumstances change, you and your spouse can update the agreement together. Significant life changes that make couples reconsider their prenup include the birth of a child, starting a new business, and significant career changes.
Illinois prenups generally focus on financial issues like property, debt, and spousal support. Child custody and support can’t be determined in a prenup because those decisions are based on the child’s best interests when parents divorce.
Starting Marriage With Clear Expectations
A well-written prenup should protect both people and reflect the goals both partners have for their future, whether that’s protecting a family business, recognizing career sacrifices made to raise children, or deciding how property will be handled if life doesn’t go as planned.
Whether you’re considering a prenup for the first time or have questions about what should be included, the attorneys at David A. King Law can help you create an agreement that reflects your goals and protects both partners. Reach out to our Oak Brook office to set up a consultation.
