Should You Get a Prenup?

Many couples who are engaged to be married entertain the idea of getting a prenuptial agreement. There is certainly a societal stigma attached to premarital agreements. But such stigmas are ill-conceived, ill-informed, and undeserved.  There’s the feeling that you’re already prepping for the inevitable dissolution of the marriage. But there are many advantages to formalizing a prenup in Illinois that can make it a valuable tool that doesn’t necessarily have to spell misgivings or doubt.

Before you make a decision though, it’s important to understand exactly what a prenup can and can’t do for you. Should you get a prenup? Ask yourself the following questions:

Do you have children from a previous marriage?

Prenups are an effective way to ensure any children or grandchildren from a previous marriage can maintain their inheritance rights.

At the same time, this could have negative ramifications for the new spouse, as they and their children may not receive the inheritance to which they may feel entitled.

Do you own your own business?

Some of the most contentious disputes during high-net-worth divorces relate to business interests owned by one of the spouses. Typically, most divorcing couples have no desire to continue working together or to have a spouse be in a position to interfere with the running of the business.

A premarital agreement can protect that business, or any future business interests from being divided during divorce proceedings, and can be used to ensure a former spouse does not have any rights to any further involvement.

There might also be an argument against entering into a prenup in Illinois if the non-owner spouse has contributed significantly to the business’s growth during the marriage. This applies even if a spouse was running a household that gave the other spouse the necessary time to grow the business. Signing a prenup that dictates one partner or the other receives all or majority ownership of a business following a divorce could prevent a spouse from receiving the benefits to which he or she may be legitimately entitled.

Do either of you have a significant amount of debt?

There are certainly many scenarios where two people, one of whom has extensive debt, decide to get married. A prenup can protect the debt-free party from having to assume the debt burden should he or she decide to divorce in the future.

Is getting married going to affect your earnings potential?

Marriage can change your entire life trajectory. Many people give up lucrative careers in order to start a family when they decide to get married. Maybe one income is enough to sustain that family, but should the couple decide to get divorced in the future, the spouse who abandoned his or her career may discover a challenge in trying to secure comparable employment.

A prenup may benefit a spouse in this situation, because they can be appropriately compensated for the opportunity he or she abandoned to get married.

Conversely, a prenup in Illinois can also be used to limit the amount of spousal support one spouse will be required to pay the other, and such limits might be a negative for the non-wage earning or low-wage earning spouse.

Does the stigma concern you and your future spouse?

There are a lot of people who just can’t get over the fact that they’re drafting a contract that is setting out the terms for divorce. It’s often especially hard to think about during the months leading up to marriage, when couples are generally still infatuated with each other to the point where they can’t imagine ever getting divorced.  Conversely, when a couple talks about the terms of a prenup, they are engaging in conversations about money and finances which are important conversations for all couples who are planning to marry or enter into a long-term relationship.

Formalize a Prenup in Illinois

Should you get a prenup? This important decision must be finalized in writing before you get married. Whether you’ve already decided you want a premarital agreement, or you and your future spouse just want to speak with an attorney about what it may involve, please contact Conniff & Keehler today.