How Can a Prenuptial Agreement Make the Divorce Process Easier?

 Posted on November 17, 2020 in Alimony

Getting a divorce can be an extremely difficult process, as it requires you to make a number of important decisions, often while coping with intense emotions of distress. However, it is possible to make the divorce process easier by planning some of these decisions in advance. A prenuptial agreement can be a useful tool especially when it comes to decisions regarding property and finances.

Elements of an Illinois Prenuptial Agreement

If you and your partner intend to get married, a prenuptial agreement can help you start the marriage with a clear understanding of each of your interests and rights regarding property and assets. While it may be hard to broach the subject at first, it is important to do so, especially if one or both of you already have significant assets.

Getting a prenuptial agreement does not necessarily mean that you expect to get a divorce at some point, but you can use it to clarify how certain aspects of a potential divorce would proceed. For example:

• A prenuptial agreement can specify non-marital property. Often, one of the first steps in the divorce process is determining which of the partners’ properties and assets are considered non-marital, which usually means that they were acquired before the marriage. A prenuptial agreement can clearly identify these properties before the marriage even begins, which can help save time during the divorce.

• A prenuptial agreement can direct the division of marital property. Your agreement can also establish terms for dividing property that you acquire during the marriage, which is usually considered to be your shared marital property. For example, you could specify which of you would be able to retain possession of a home that you purchase together.

• A prenuptial agreement can provide for spousal support. Normally, the court determines whether to award spousal support based on the financial needs, resources, income and earning potential of both parties at the time of the divorce. However, if your prenuptial agreement includes provisions for spousal support, the court will usually consider the terms of the agreement when issuing a support order.

While a prenuptial agreement often makes the divorce process easier, it can sometimes complicate the process further if there are disputes regarding its validity. For this reason, it is crucial that both you and your partner enter the agreement willingly and in good faith, with full disclosure of any important information necessary to arrive at a fair agreement.

Contact a Rolling Meadows Family Law Attorney

At the Cosley Law Office, we can help you and your partner create a legally valid and enforceable prenuptial agreement that protects both of your interests. Contact an experienced Arlington Heights prenuptial agreement lawyer today at 847-253-3100 to schedule a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59