Do you need a prenuptial agreement?

With roughly half the marriages in this country ending in divorce, and with the enactment of civil unions in Illinois, we are frequently asked if a prenuptial agreement is necessary. If you are young and have acquired few, if any, assets, the answer is no. Save your time and money. However, if you and/or your prospective spouse/partner has some wealth, a prenuptial agreement may be advisable. In Illinois, prenuptial agreements generally deal only with disclosing the full extent of each party’s assets and confirming that each will get back his/her own property upon a divorce. Assets acquired after a marriage or civil union are generally considered joint property with each spouse/partner having a claim. Agreements regarding the amount of spousal support or alimony that will be paid may or may not be enforceable. A good estate plan can also help insulate pre-marital assets from being claimed by your future spouse/partner. If you are considering marriage or a civil union and want to take steps to protect your assets, do not hesitate to contact us.