When people living in Illinois start thinking about marriage, prenups may be under consideration. While nobody likes to think about the possibility of divorce, the reality is that a significant percentage of marriages do eventually come to an end. In such cases, a prenuptial agreement can protect the interests of both spouses and help prevent a lengthy legal proceeding.
While many people mistakenly believe that prenups are for wealthy people, this simply isn't the case. Many working and middle-class couples agree to sign a prenup to protect even relatively modest assets.
This is particularly true if the couple's financial situation meets certain criteria. For example, if one or both spouses currently owns real estate, a business or a share in a family business, a prenuptial agreement can protect these complex assets and prevent lengthy negotiations during divorce.
Individuals who plan to marry someone who has a significant amount of debt may also decide to request a prenup. The prenuptial agreement could clarify what debt belongs solely to the other spouse and may provide protection if the indebted spouse takes on additional financial obligations.
Couples should also be aware that property and divorce laws vary from state to state. If the couple has reason to believe that they may move across state lines, getting a prenuptial agreement can provide each spouse with some assurance of what they could expect if the marriage eventually ends.
Individuals who are considering divorce may wish to speak with an experienced family law attorney. The lawyer may be able to review the client's case and make recommendations regarding divorce-related issues such as asset division, ongoing financial support and child custody.