Second Marriage Later in Life? Consider Using a Prenuptial Agreement

 Posted on February 07, 2022 in Divorce

Prenuptial agreements or “prenups” are often misunderstood. Some people believe that prenups are only needed if the couple is extremely wealthy. Others assume that no one who takes their marriage vows seriously would ever get a prenuptial agreement. Fortunately, more and more engaged couples are seeing beyond these misconceptions and realizing that prenuptial agreements offer a multitude of benefits to both spouses.  Prenuptial agreements can be especially beneficial if the couple is older and has previously been married.

Advantages of Using a Prenup for Your Second or Subsequent Marriage

If you are divorced and planning on remarrying, a prenuptial agreement may be useful in several ways, including:

Classifying assets - A prenup allows a couple to classify property as marital or non-marital. Marital property is jointly held by both spouses. Non-marital or separate property belongs only to the spouse who originally owned the assets.  If you eventually get divorced or a spouse passes away, a prenuptial agreement ensures that the property is divided in the way you specify. Without a prenup, property may be divided according to Illinois property division laws. Many spouses want to ensure that certain assets, such as business interests, real estate, or family heirlooms are classified as non-marital assets.

Protecting children’s inheritance – If you have children from a previous relationship, you may want to use a prenuptial agreement to ensure they receive the inheritance you intend them to receive. Upon your death, Illinois Intestacy laws may dictate that your estate goes to your current wife. A prenuptial agreement lets you choose in advance what will pass down to children.

Determining financial responsibilities – If you and your partner are over age 50, you may have accumulated significant assets and liabilities. You or your partner may have child support obligations, spousal maintenance obligations, or other financial obligations. A prenup lets you determine how these expenses will be paid for during your new marriage.

Discussing financial concerns before there is a problem – Disagreements and misunderstandings about finances are some of the top causes of marital conflict. When you draft a prenuptial agreement with your partner, you are forced to have an honest discussion about financial responsibilities and expectations.

Contact a DuPage County Family Law Attorney     

The skilled Wheaton gray divorce lawyers at Goostree Law Group are equipped to help with prenuptial agreements, divorce, and other family law matters. Call our office today at 630-634-5050 for a free consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59