May 25, 2023 - By Jennifer Ward

The Reasons Behind Premarital Agreements

A premarital agreement, also known as a prenuptial agreement, is a contract entered into by two people before they marry. This contract can outline how property and assets will be divided in the event of a divorce, and can also dictate how alimony (also known as maintenance in Illinois) will be handled. Premarital agreements are particularly important for couples who have significant income, investments, business interests, and assets or those who expect to earn a lot of money in the future.

There are many reasons why someone might want to enter into a premarital agreement. Maybe one person owns a business and they want to make sure that it stays in their family if the marriage ends. Maybe one person has a lot of debt and they want to make sure that their spouse isn’t responsible for it if the marriage ends. Whatever the reason, a premarital agreement can be a helpful way to protect yourself and your assets in the event of a divorce. If you’re thinking about entering into a premarital agreement, here are some things to keep in mind:

1. Both people need to agree to the terms of the agreement.

2. The agreement needs to be in writing and signed by both people.

3. The agreement can be changed or cancelled if both people agree to it.

4. The agreement becomes binding when the marriage occurs.

5. The agreement is not affected by the laws of divorce in your state.

If you are considering entering into a premarital agreement, it is important to seek the advice of a qualified attorney. Premarital agreements can be complex, and a lawyer can help ensure that your agreement is fair and enforceable. The Chicago matrimonial lawyers at WARD FAMILY LAW, LLC can walk you through the process, whether drafting or reviewing a premarital agreement. Schedule your initial consultation with Jennifer Ward, our Founder, now at jward@wardfamilylawchicago.com.

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