Joseph M. Lucas & Associates, L.L.C.
When couples are dating, everything is wonderful and the couple often doesn’t think of issues that may arise in the future. The harsh realities of a high divorce rate should make couples understand the need to secure their future in the case of a divorce. Prenuptial agreements are very useful tools, which every couple walking down the aisle should consider. Prenups can help life after divorce. Before drafting such an agreement, one should be aware of Illinois laws regarding property division, alimony, child custody and support.
The prenup designates how to divide assets and incomes. It can also include spousal maintenance and child support. Its purpose is to ensure the future of the couple and the children. Ample time is needed to negotiate the agreement. Financial assets can be complicated and can involve a variety of tax laws so seeking the advice of an informed professional is often helpful.
Filing for a divorce also affects a person because there are so many procedures, waivers, exemptions, penalties, duties and obligations under family law. A prenuptial agreement can simplify the process since it is governed by laws in the state in which it was executed whereas marital property is interpreted by the laws of state where complaint for divorce is filed.
Prenuptial agreements help protect financial and emotional security. A prenup is an incentive for the marriage to remain stable. An overwhelming amount of prenuptial agreements are enforced as courts favor a settlement rather than a protracted lawsuit unless it is written by force, fraud, misrepresentation or medical conditions.
Source: Fox Business, “Why You Should Consider a Prenup,” Andrea Murad, Feb. 04, 2013