Four Good Reasons to Have a Prenuptial Agreement

 Posted on April 20, 2015 in Prenuptial Agreements

You often hear about prenuptial agreements in connection with Hollywood or sports celebrities. These agreements outline, in a legal document, what will happen with assets (and debts) that you both bring into the marriage. Touted by many as being unromantic, such agreements in Illinois actually have quite a few benefits. Also, you do not have to be a rock star or a matinee idol to take advantage of them.

Why Get a Prenup?

1. It keeps family property in the family. If you have a family farm, a family business or an ancestral house that you would like to leave to your children (and their children), a prenup agreement can assure that even if you and your new spouse divorce, the family property that your predecessors worked so hard for won't leave your family.

2. It can protect against the other person's old debts. A good prenup does not just protect assets; it can also protect one spouse from the previously-acquired debts of the other spouse. You can often use this vehicle to protect the assets that you are bringing into the marriage from potentially being seized or attached to satisfy the old debts of your fiance(e).