How can a prenup help protect what you hold dear?

 Posted on April 27, 2017 in Prenuptial Agreement

As a recently engaged person, you may have felt elated that your life has reached this point. Of course, once the euphoria of the moment has passed, you likely know that your future marriage will undoubtedly have its issues, as all relationships do. Though you and your future spouse may work through many of the conflicts that could arise, the possibility of facing divorce may have also crossed your mind.

You certainly do not want to enter your marriage thinking that it will fail, but you also likely do not want to count this possibility out. Therefore, you may want to take the time to consider creating a prenuptial agreement in order to protect yourself, your future spouse and other life aspects that hold importance through pre-arranged terms.

Personal debts

With your prenup, you and your significant other can come up with terms that protect each other from debts you each accrue. In the event that you divorce, the terms of your agreement can protect your property from creditors looking to collect on your spouse's debts.

Children's inheritances

Second and third marriages occur relatively often, and in many cases, individuals have children from previous relationships. Because no one wants their children to end up cheated out of an inheritance by a spiteful ex, you can protect your children and their inheritances by detailing the desired terms in a prenup.

Family property

In a similar vein as protecting your kids' inheritances, you can also use a prenuptial agreement to address family property. Whether the assets relate to heirlooms, a business or other similar family-related assets, you can ensure that the property remains in the family.

Property distribution

One of the biggest reasons individuals utilize prenuptial agreements revolves around property division during the divorce process. If you and your spouse come to terms before the marriage even takes place, you may have the ability to bypass state laws that dictate who gets what during property distribution. As a result, you may both be more likely to end up with the assets you desired.

Creating your agreement

Because your relationship differs from all other relationships, the prenuptial agreement you and your loved one create will have its own unique aspects. Therefore, you may wish to ensure that your agreement reflects the terms you both desire. Enlisting the assistance of an experienced Illinois attorney to help create your prenup may allow you to feel more confident with the final results of the agreement.