Although prenuptial agreements are famously used by people with high-worth assets, the truth is that prenups can protect many different people in many different situations. One of the best uses of a prenuptial agreement is when a parent of children from a previous marriage in Illinois  wishes to get married again. 

Having a well-written, legally enforceable prenup can save a parent’s children and second spouses from fighting over assets in court if the marriage ends in divorce or if the parent passes away. A great prenuptial agreement can bolster a will and trust, and is an important part of financial planning before getting married again. 

Using Prenuptial Agreements for a Second Marriage

When a parent dies, it is always a tragedy - but the sadness can be made much worse when a second spouse is fighting over assets or inheritance with children. A great prenuptial agreement that details exactly how belongings, savings, and other assets will be allocated in the event of a parent’s death can save children and second spouses from the time, expense, and heartache of fighting over assets in court. This is also true if the second marriage fails and a couple disagrees about how their assets should be divided. 

For anyone walking down the aisle anytime soon, some data regarding divorce should be encouraging in terms of the future of your relationship: The Institute for Family Studies (IFS) reports that divorces have been steadily decreasing in the U.S. over the last few decades, hitting a record low of 14.9 divorces for every 1,000 marriages in 2019. This is the biggest drop in more than 50 years, surpassing the rate of 15 divorces per 1,000 marriages in 1970. Even better news is that the duration of current marriages increased by one year over the period from 2010 to 2019.

These figures are reassuring as your wedding date approaches, but it is still essential to be prepared for unforeseen issues. One way to protect yourself and your future is to consider a prenuptial agreement – a topic that many spouses-to-be avoid because of the negative reputation. While you can rely on a DuPage County prenuptial agreement lawyer to help with the legal tasks, you could use a few tips on how to start up the conversation.

Start the Conversation Well in Advance of the Wedding

With a topic as critical as a prenup, do not wait until the eve of the wedding to open the discussion. The best time to approach the subject is shortly after becoming engaged and as you are planning your upcoming nuptials. Couples can have a more productive, less confrontational conversation when they are not under time constraints.

Before your marriage, you and your partner may have given significant time and consideration to the creation of a prenuptial agreement that clarifies each of your interests in and control over marital and non-marital properties. A thoughtful prenuptial agreement can be useful not only to smooth the process of a possible divorce but also to reduce uncertainty and increase comfort throughout your marriage. However, you may find in the years following your marriage that your original prenuptial agreement is insufficient or no longer relevant to your current situation. In this case, you may want to consider legally amending it.

Reasons to Amend Your Prenuptial Agreement in Illinois

As long as you and your spouse agree on the need to amend your prenuptial agreement, you can do so at any time. It is often a good idea to revisit your prenuptial agreement whenever there has been a significant change in your financial or family circumstances, such as:

A prenuptial agreement, typically known as a prenup, is a written contract created by two individuals prior to their marriage. This legally binding document establishes the future of any separate and marital property and/or assets, debts, and estate plan for each spouse in the event of a divorce. The state of Illinois has its own laws on what can and cannot be included in a prenuptial agreement, so before you sign on the dotted line, make sure to consult with a knowledgeable family law attorney to verify the validity.

Important Issues to Address in a Prenup

A prenup is not a one-size-fits-all arrangement, meaning the elements that one couple may address in their agreement might not be appropriate for another couple’s situation. However, the topics listed below are a few general ideas you may want to consider including in your agreement:

For many people, pets are a part of the family. You get them when they are young and you take care of them as they grow older, much like parents do with their children. Whether the pet is a dog, cat, bird, or reptile, many pet owners view their pets as children as well. 

Divorce means the division of assets between two spouses, but also a decision on who gets the pet after the divorce papers are signed. Prenuptial and postnuptial agreements are a way to make these decisions while a couple's relationship is in a good place, instead of during the often contentious divorce process if they reach that unfortunate conclusion. Much of the negative perception regarding these agreements has faded in the public consciousness because couples now see the value of expecting the best but planning for the worst.