When to Consider Getting a Chicago Prenuptial Agreement – by Brian James
People may have strong feelings about a Chicago prenuptial agreement before they ever really consider it. They may think that getting one sets them up for failure. However, just like in business where it is better to determine how the end of a business will be processed at its inception, it is better to discuss the consequences of the end of a marriage before it is entered into. A Chicago prenuptial agreement can actually help parties avoid disputes related to their property and establish greater trust in the relationship.
Prenuptial agreements are not only for the rich. They can help people protect assets that they acquired before the marriage and those that they later obtain. For couples who have children from a previous relationship, a prenuptial agreement can help protect any future inheritance for these children. Additionally, business owners who want to ensure that their business remains their separate asset may wish to enter into a prenuptial agreement to protect this and to protect investors’ trust in them.
Creating their own agreement allows a couple to determine which party will be entitled to which property instead of leaving this up to the discretion of the judge. Equitable distribution often results in an uneven distribution of assets or an unfair exchange that punishes a person for having greater success. A prenuptial agreement can demonstrate to the court that both parties voluntarily entered into an agreement and that this is how the property should be divided.
A prenuptial agreement may address property interests, spousal support, the duty to create a will or not modify a will, the right of each spouse to use, sell, transfer or otherwise dispose of property, ownership rights upon the death of either spouse and other provisions that the parties agree to.