As people in Illinois prepare to get married, they typically prefer not to discuss the possibility of getting divorced. This is why putting together a prenuptial agreement often gets placed on the back burner or is ignored altogether. However, prenuptial agreements are essential for protecting one’s best interests in the event of a divorce.
A prenuptial agreement essentially provides details about how assets and property will be handled if two people decide to end their marriage. Having this type of legal agreement in place keeps two divorcing individuals from having to fight about who will get certain assets during their divorce proceeding. This ultimately saves the couple time, money and stress.
For young couples who have very few assets, prenuptial agreements may not be needed. However, this type of agreement is wise for someone who is getting married and has a substantial number of assets or has high-value assets. For instance, a person who owns his own business might consider drafting a prenuptial agreement to protect this establishment in the event of a divorce.
Even if people in Illinois have already gotten married and never drafted prenuptial agreements, they can still put together postnuptial agreements, which have the same purpose. If two people get a divorce without either of these types of agreements, divorce negotiation — with proper legal guidance — may be an effective way for them to discuss how to divide their assets and property without further court intrusion. However, if they cannot find common ground, a court will have to make these essential decisions for them.
Source: hometownlife.com, “Prenuptial agreement is part of a smart marriage“, Rick Bloom, May 12, 2016