More millennial’s are seeking prenuptial agreements before marrying or post nuptial agreements after the fact to exercise more control over how their financial affairs will be handled in the event of a divorce.
What is a prenuptial agreement?
Prenuptial and post-nuptial agreements are contracts that allow couples to basically opt out of their states laws pertaining to the division of marital assets and debts, and alimony, should they divorce.
Without a prenup, income and assets earned, or debts incurred, during the marriage are divided when couples divorce. Â Alimony, if awarded, is based on factors such as the length of marriage, the income of both spouses, potential income, and more.
With a prenup (or postnup), couples can agree that all income earned, and debts incurred, and assets accumulated by either spouse remain separate property if they divorce. A prenup can also speak to how much alimony will be paid.
Prenups may be especially important if one or both spouses have children from a previous relationship and wish to set aside money for their kids. Prenuptial or post-nuptial agreement can also protect business owners and their partners in the event of a divorce.
Seeking A Prenuptial Agreement?
Contact Libertyville Illinois Family Law Attorney Ronald L. Bell For Help
Contact the Libertyville family law offices of Ronald L Bell & Associates PC if you would like more information regarding Illinois prenuptial or post-nuptial agreements today at 847-495-6000.