Prenuptial agreement valuable in the event of divorce

 Posted on November 19, 2015 in High Asset Divorce

The word prenup usually elicits negative emotions when it comes to relationships. However, a prenuptial agreement can be a huge help for those who are ready to get married but want to protect their assets in the event of divorce. This is especially true for older individuals in Illinois who are bringing a lot of assets with them into their marriages.

People naturally believe that their marriages will last. However, sometimes the person one marries ends up changing and becoming a totally different person years down the road. The benefit of a prenup is that it does not just protect one's assets and income but also addresses other important details, such as liabilities, which makes it relevant to people of any economic class.

In a prenuptial agreement, people can spell out who will end up with the marital home if a divorce happens. They can also explain what will happen to a person's 401k. This type of agreement is especially valuable for those who are interested in giving up their careers to raise children, as a prenuptial agreement can establish a standard for the needed alimony should a marriage dissolve. A prenup can also be important for those who own their own businesses.

Even if two divorcing individuals in Illinois failed to put together a prenuptial agreement prior to their marriage, they can still try to work out their issues through divorce mediation or negotiation. These alternatives to divorce litigation may help he couple to achieve a mutually beneficial settlement without the stress associated with litigation. If they cannot find common ground, however, a judge will have to make important decisions on matters such as asset division for them.

Source: madamenoire.com, "Why Women Should Draft A Prenup", Chelcee Johns No, Nov. 6, 2015