What Should Be Included in a Prenuptial Agreement?
Whether or not you have substantial assets, it is smart to draft a prenuptial agreement before your marriage begins to protect yourself and your spouse in case of a divorce. Knowing what belongs in a prenup (and what doesn’t) can be important for ensuring that your document accurately reflects your needs and wishes. Outlining this document properly with the guidance of an attorney is the best way to keep a court from deciding what happens to your property if you eventually obtain a divorce. Your prenuptial agreement should also be in line with state laws and requirements about what can and cannot be included in this document, which is why hiring a lawyer to assist you is critical. What goes into your agreement will depend largely on your individual situation at the time, but there are several basic suggestions for what belongs in your prenup.
- First of all, protecting one spouse from the debts of the other can be done by limiting your debt liability in the prenuptial agreement.
- Second, your agreement might lay down some specifics about providing for children from previous relationships in the event that your marriage dissolves.
- Third, if you have family property that you want kept in the family regardless of what happens with your relationship, articulate this in your document.
- You can also protect your estate plan, but it’s important to ensure that you keep relevant and updated estate information (such as wills and trusts) in line in addition to a prenuptial agreement.
- Other common items that often appear in prenuptial agreements include specifications for separating a business, retirement benefits, investments in projects or properties, management of household bills and expenses, and the management of any joint bank accounts.
Your prenuptial agreement can be generated to reflect your needs and situation, and your agreement should only be drafted by a qualified Illinois family law attorney.