A prenuptial agreement comes with numerous benefits. In fact, you might argue that -- given the high chance of divorce these days -- a prenuptial agreement is just as important as an estate plan.
No one wants to admit that there's a chance they could ever get a divorce, and signing a prenuptial agreement seems to imply a lack of faith in one's marital union. However, if you ask the average Illinois resident who has signed a prenuptial agreement about their experience, they will usually say the opposite -- that the process of creating a prenup actually strengthened their marriage.
Let's take a look at some of the many benefits of signing a prenup
When you consider how you can benefit from drafting and signing a prenuptial agreement, you can better understand how these help spouses solidify the terms of their marriage:
- Your prenuptial agreement will document all of your premarital assets and codify what property you own that will be separate property in the event of a divorce.
- Your prenuptial agreement can offer support to your estate plan and also prevent court intervention when determining property distribution concerns after an unplanned death.
- Your prenuptial agreement will detail and document the special arrangements or special vows and agreements that you and your spouse have made with one another. For example, you can create terms and protocol for what will happen if one or the other spouses is unfaithful.
- Your prenuptial agreement will help you avoid long, drawn out, and costly legal proceedings in the event of a divorce.
- As your prenuptial agreement creates an action plan in the event of a divorce, you can lessen the chance of emotional conflicts and -- in the event of divorce -- make the process more peaceful.
- Your prenuptial agreement can codify different procedures and rules that will go into effect in the event of different circumstances.
- Your prenuptial agreement can determine which spouse will assume ownership of which debts in the event of a divorce.
Your prenuptial agreement needs updating from time to time
Spouses should review and update their prenuptial agreements every several years -- as a part of their estate planning process. Laws, for example, might change, but more importantly, courts are less likely to honor old prenuptial agreements. As such, you and your spouse should review, update and re-sign your prenuptials from time to time.