When couples in Illinois are in love and planning for their next steps, divorce may be the furthest thing from their minds. However, these milestone occasions like marriage or pregnancy may inspire people to make plans in case they separate in the future. Prenuptial agreements are contracts that spouses-to-be negotiate with each other before they marry. These can address matters like inheritance or generational wealth, but they can also handle a range of financial and practical matters. They are a form of divorce planning, but they are handled while people are in a happy, loving relationship.
In the past, prenups were considered a matter for only the ultra-rich or celebrities. However, younger people are embracing prenuptial agreements in increasing numbers. If people decide against a prenup or simply never consider it, a post-nuptial agreement is still an option. A postnup can address spousal support and asset division, although it cannot handle matters like child support and custody. Financial planning is a big part of preparing for a baby, and a post-nuptial agreement may be part of those plans. These agreements can help couples decide on serious financial matters that are often contentious long before they consider a divorce.
There are a number of reasons why couples might opt for a prenup or a postnup. People might consider these agreements if one party is about to come into a large inheritance and wants to specify how those funds will be handled if the marriage comes to an end. In addition, people with a startup company might want an agreement to determine how the business will be handled in case of a divorce.
When people think about the future, a prenup or a postnup may be a relevant consideration. Family law attorneys can help to negotiate a fair agreement that reflects the interests of their clients.