Like most people, you may view divorce as a difficult process to endure. You may worry that there will be many lonely nights thinking about the future, particularly in regard to money. That is why having a prenuptial agreement is recommended. Before a couple ties the knot, this arrangement is a great way to safeguard finances during divorce in an efficient and legal manner. 

In this article, we will explain what a prenuptial agreement is and how it affects the divorce process. Even if you feel you have a firm grasp of prenuptial agreements, it is important to work with a Geneva, IL family law attorney who can best evaluate your situation and help you draft a prenup that is both legally enforceable and tailored to your preferences.

What is the Definition of a Prenuptial Agreement? 

The definition of a prenuptial agreement is a legal arrangement that is created by two partners before they wed. The arrangement dictates how the couple will manage their assets during divorce and can also detail the financial responsibilities of a couple during a marriage. The arrangement is put into action after the couple weds. 

Even if you know that getting a prenuptial agreement is always a good idea, figuring out how to bring it up to the person you are about to marry can still be tricky. Talking about a prenuptial agreement may not be the most romantic discussion you have ever had, but it is extremely important for all couples who plan to marry. Contrary to popular belief, signing a prenuptial agreement does not mean that you are preparing for divorce. These contracts can do everything from requiring you both to name each other in your respective estate plans to establishing whose separate property is whose. Prenuptial agreements can be helpful in a variety of circumstances other than divorce. Of course, if you were to get divorced, having a prenuptial agreement can drastically simplify the process. 

3 Tips for Raising the Subject of a Prenuptial Agreement With Your Future Spouse

You might be afraid that if you bring up the idea of a prenuptial agreement, your fiance might think that you are not committed to the marriage. While some people will initially balk at the idea of making a prenup, almost all come around when they hear about the benefits these agreements can provide and why they are used. Some helpful tips for talking about getting a prenuptial agreement with your future spouse include: 

• Framing the discussion - A lot of people think that couples who get prenuptial agreements are likely to divorce fairly soon. This is far from the truth. You can think of a prenuptial agreement as a contingency document - one that everyone should have - but most will not need. Anyone who has gone under anesthesia for even a simple and routine procedure like wisdom tooth extraction or a colonoscopy has probably been asked to sign a power of attorney or similar documents in advance. Of course, asking patients to complete these documents does not mean that your doctor thinks something is going to go wrong during the procedure. It is just smart to have a plan in place in case something unexpected does happen.
• Benefits outside of divorce - If your marriage ends only when one of you passes away, your prenuptial agreement can still serve you well. These agreements often contain terms requiring both spouses to create a will or trust to which the other is a primary beneficiary. They can also work to establish separate property for each of you that can be kept safe from another spouse’s creditors. 
• Illegal terms - There is a limit to the terms a prenuptial agreement can contain. These agreements may not be drastically unfair to one spouse, so neither you nor your fiance should fear that they will be left destitute should the marriage fail. Terms related to child custody are also not allowed. 

The reasons to get a prenuptial agreement far outweigh the reasons to avoid one. Aside from this, couples who can negotiate a prenuptial agreement show good communication and compromise skills, which may predict a successful marriage. 

In the state of Illinois, in the event of a divorce, the equitable distribution law divides the assets fairly, not equally. However, when individuals desire to manage specific assets or property in a particular manner, they may choose to pursue one of the two available nuptial agreements. In the event of a divorce, both pre-and post-nuptial agreements establish how to properly handle assets and property. While pre-nuptial agreements are formed prior to marriage, post-nuptial agreements are initiated during the marriage. If having such direct control over your assets provides you peace of mind, you may want to correspond with a family law attorney to better understand your options.

When Can Post-Nuptial Agreements Be Advantageous?

If the individuals are already married, it is too late for them to form a pre-nuptial agreement. If they still wish to seek this type of asset control during the marriage, they would enter into a post-nuptial agreement. Post-nuptial agreements can be valuable and provide benefits to the couple whether they face divorce or stay together. Oftentimes, the couple may have originally wanted a pre-nuptial agreement but waited too long to make this feasible. 

Some examples of how a post-nuptial agreement could benefit a married couple include:

Today, Americans are getting married for the first time later in life than ever before, and there has also been an increase in the number of remarriages. As a result, more and more couples are drafting prenuptial agreements. It is understandable to wonder how age and remarriage affect the need for a prenuptial agreement, or prenup, but the answer is quite simple. Those who marry when they are older—including second and third marriages—generally bring more into a marriage. In this context, “more” does not just mean assets and debts. It also refers to obligations for children, spousal support, and other considerations.

A prenuptial agreement can be a valuable tool that allows both spouses to protect themselves and any children from a previous relationship, but only if the document is drafted and executed properly. Many couples operate under the assumption that their prenup will protect them down the road only to find out that there was a flaw that caused the agreement to become unenforceable. In Illinois, the court may set aside a prenuptial agreement for reasons such as:

• Deception or incomplete disclosure: Before you sign a prenup, you must make a full financial disclosure to your partners, and he or she must do the same. While this can be waived, doing so is rarely a good idea. If you or your spouse leave out or “forget” particular debts or assets, the agreement may not have been based on accurate information, and it may be deemed invalid;
• One party was forced to sign: A prenuptial agreement is meant to be a voluntary contract between the parties. If you were impaired by alcohol or drugs or forced to sign under threats of violence, the court may set aside your agreement. An ultimatum—such as threatening to call off the wedding—is not generally considered to be coercion;
• Lack of counsel or proper consideration: Illinois law does not require both parties to hire an attorney before signing a prenuptial agreement, but having a lawyer at least look over the agreement is a good idea. If your spouse has an attorney and you do not, you could be at a serious disadvantage. It is also important for you to have enough time to read, understand, and agree to the terms of the agreement;
• Extreme unfairness (unconscionability): The provisions of your prenup do not need to be equal for both parties, but they cannot be dramatically one-sided either. For example, if your agreement says that in the event of a divorce, you will assume responsibility for all marital debts while your spouse will receive all of the marital assets, the document is not likely to be enforced.

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Prenuptial agreements have gotten a bad rap for many years. Many hold the false belief that prenuptial agreements are only for celebrities or couples who do not believe in the longevity of their marriage. The reality is that a prenuptial agreement is a valuable legal tool as well as a great way to plan for a couple’s future. Prenups are not only a valuable tool if a marriage ends or one of the spouses passes away, but are also a good way to hammer out the details of how finances will be managed within the marriage.

Prenuptial Agreements Especially Popular with Younger Crowd

A survey conducted by the American Academy of Matrimonial Lawyers suggests that the younger generation of married couples may be more likely to use prenuptial agreements than the older generations. In fact, of the total attorneys surveyed, 51 percent reported an increase in the amount of millennials requesting prenups within the last three years.