Legal Question in Family Law in Illinois
Is it necessary to draw up a prenutipal agreement if both parties have twenty year mortgages on their properties and If they both have car notes with more than two years left to pay. In addition, less than 10, 000 in financial funds before the marriage?
3 Answers from Attorneys
There are other important provisions of prenuptial agreements. For example, you might want your future spouse to agree to waive rights to future alimony upon divorce. Do you have retirement accounts? You might want to protect those. You both might want to protect any equity in your property, as it increases over time.
It's not necessary, but there are benefits.
Most people who get pre-nups do not have many assets at the time of marriage. The reason they get pre-nups is to govern their future income, assets, liabilities, alimony liability, etc. And since basic prenups are pretty inexpensive in those situations (usually done for a flat fee), it makes sense to preotect yourself from the unknown.
I respectfully disagree. Most people who get pre-nups have assets they think they need to protect. If you own property already, it is non-marital. If you make no improvements using marital funds ( i.e. if improvements are paid for out of income from that non-marital property it remains non-marital.) Keep separate accounts for your non-marital income. You can also shield pensions etc. But non-marital pensions remains non-marital. You can attempt towaiver alimony, but that may not be enforceable.