27 May Drafting Prenuptial Agreements to Avoid Complex Divorce IssuesPosted in High Asset Divorce
There is a common misconception that only wealthy couples can benefit from a prenuptial agreement. In reality, couples of all income levels can benefit from the protections provided by these legal agreements. A carefully drafted prenuptial agreement can actually benefit a marriage and, should unfortunate circumstances arise, help a couple avoid complex divorce issues in the future.
Illinois couples are likely aware of media reports concerning celebrity couples and their prenuptial agreements, drafted to protect millions of dollars and valuable assets. As with any couple, celebrity or not, a prenuptial agreement typically determines how money will be divided, address any issues concerning spousal maintenance and help the couple avoid costly litigation in the event of a divorce. Not every couple will require this form of legal protection, but it would be wise to consider the possible benefits, no matter the financial circumstances.
When considering a prenuptial agreement, both parties must fully disclose all financial information, including debts, credit cards and tax returns. A couple should discuss financial goals and plans, as these can have a major impact on the direction of a marriage. Finally, drafting a prenuptial agreement encourages a couple to be open and honest before the marriage, laying a sold foundation for their shared financial future.
Discussing financial issues during the process of drafting a prenuptial agreement will not only help avoid complex divorce issues, but it can bring a couple together in honesty and trust. It is always best to be open and honest regarding finances, and an Illinois couple may find great benefit in discussing their need for this legal protection with a qualified attorney. Taking certain steps before a marriage even begins may be the key to avoiding complications in the future.
Source: rapidcityjournal.com, “All couples should consider a prenuptial agreement“, Rick Kahler, May 17, 2015