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Three Good Reasons to Consider a Prenup
Getting engaged to a partner is a wonderful milestone. At the same time, marriage is often a dramatic turning point. Once you are wed, many of your personal assets can end up becoming marital property.
A carefully negotiated prenuptial agreement with your spouse can lay property issues to rest. During this process, you should involve an Illinois family law attorney who can help you draft an enforceable marital agreement. At Shaw Sanders, P.C., we can provide you with legal advice and qualified representation to help protect your assets.
Protecting Your Business Interests
Even if you owned your business prior to your marriage, it can still become marital property if you are not careful. Any contributions your spouse makes to your business, such as marital funds or labor, can result in the business becoming commingled. This essentially means that your spouse will have a partial claim to your business in a divorce that may have to be paid out in asset division.
With a prenuptial agreement, you can dictate exactly what will happen to your business in a divorce. However, keep in mind that a judge will only approve a marital agreement if the terms are fair to both parties.
Deciding on Alimony
If you decide to get divorced, the court may award you or your partner with spousal support, or alimony. An award of alimony will be determined by several factors, such as the income gap between you and your spouse, how long the marriage lasted, and the division of property.
Spouses can choose to figure out alimony outside of court or leave the final determination to a judge. If you would rather clear the matter ahead of time, a prenuptial agreement can address who gets spousal support and for how long. This can cut down the tedious back-and-forth argument in the event of a divorce.
Separating Debts
It is normal for partners to take on individual debts during a marriage. You might have student loans, credit card bills, or a car loan to pay off, alongside regular payments towards rent or a mortgage. However, if you or your partner accumulate debts while married, some of those debts could be split up between the two of you in a divorce.
If you want to protect yourself from your partner’s liabilities or vice-versa, you could outline how your debts will be split up in the event of a divorce. Since divorce can be a significant financial burden by itself, allocating debt ahead of time can give you some valuable peace of mind.
Meet With a St. Charles, IL Prenuptial Agreement Lawyer Today
Signing a prenup does not have to put a damper on a happy engagement. Through careful planning, you can clear up your uncertainty and worries surrounding asset division, alimony, and other financial matters. At Shaw Sanders, P.C., our Kane County, IL family law attorneys are here to walk you through your marital agreement. Call us today at 630-584-5550 for a free consultation.
630-584-5550