If you have ever listened to the song “Gold Digger” by Kanye West, you’ve heard the term “prenup”, which is short for prenuptial agreement. However, although we know that it can have something to do with money, not many people know what exactly prenuptial agreements are or what they can entail.
One legal dictionary states that a prenuptial agreement is a “written contract between two people who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage is later dissolved.”
While many people believe that prenuptial agreements are reserved solely for the rich, a prenup can benefit any couple. Regardless of financial status, a prenuptial agreement can be used to pass separate property to children from a prior marriage, clarify financial rights, avoid arguments in during a divorce, and to get protection from debts.
There are a handful of steps you must take in order to create a prenuptial agreement, the first of which it to disclose all of your assets to your future spouse. If you fail to do so, your agreement could be declined in the future. Next, have your future spouse disclose all of their assets to you as well. After you have both discussed your assets, put the provisions of your prenuptial agreement into writing. To do this, it is best to use a standard form prenuptial agreement that complies with the laws of your state. In order to make this document valid, you both must sign it in front of a notary public.
Prenuptial agreements are becoming more and more common as time goes on. If you and your future spouse believe a prenuptial agreement would be a good idea for your marriage, do not hesitate to contact an experienced Illinois family law attorney to assist you in creating one.
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