Who should consider a prenuptial agreement?

On Behalf of | Oct 23, 2020 | Divorce |

Most people here in Illinois and elsewhere would agree that a marriage is a partnership. However, that does not necessarily mean that a couple should share everything if they get divorced. Some people should seriously consider a prenuptial agreement in order to protect themselves and the assets they acquired prior to marriage.

These days, many people either have or are starting their own businesses. A prenuptial agreement can provide protection for the business, especially if the individual starting it did so with others. Even though a new business may not yet be profitable, it could be over time, and if a couple divorces, it would be a good idea for the business to be excluded from the proceedings.

Individuals who received or will receive a substantial inheritance would benefit from a prenup. Even though in many cases the law considers inheritances separate property, it provides an additional layer of protection. Having this type of agreement may also help protect the inheritance of children from a prior relationship who will receive their own inheritances from their parent.

Another compelling reason to have a prenuptial agreement is to help simplify the divorce process. The upfront cost far outweighs what a contentious divorce could cost. Even if an Illinois couple has an amicable divorce, it could still involve complicated financial matters depending on a variety of factors. This agreement may cut down on at least some of the work that will need to be done in order to come to a satisfactory settlement. As long as the court upholds the validity of the agreement during a divorce, it could significantly reduce the time and effort expended as well as the cost  the proceedings.