One good reason for Illinois residents to sign a prenuptial agreement before getting married is that they want to safeguard the assets they saved or inherited while they were single. Generally, the assets individuals own before they are married will remain in their possession if they get a divorce, but there can be exceptions. Individuals with substantial assets who get married without a prenup may be required to hand over a substantial amount of their assets to their ex-spouse. To save themselves time and money in the future, individuals should set aside some time before their wedding and complete a prenup.
Completing a prenup is also strongly advisable if one person in the relationship is earning more than the other person. The individuals who are making less money than their significant other can ensure their financial stability should a divorce occur by stipulating in the prenup that they are to be paid alimony. The prenup can specify the type of alimony that is to be paid, the amount of the payments and for how long the payments are to be made.
Business owners who are getting married should consider insisting on a prenup as well. If they get married without having the legal document in place, they may be required to give some or all of their business to their ex-spouse. They may even be compelled to make their ex-spouse a partner in the business after divorce.
Debt is another reason for having a prenup. Individuals can protect themselves from being liable for the debts their spouse accrued before the marriage or for debts of which they were unaware.
A divorce attorney may provide counsel regarding what should be included in a prenup to protect the assets and interests of clients. The attorney may also negotiate prenup terms on behalf of clients.