5 Reasons to Consider a Prenuptial Agreement Before You Get Married

 Posted on February 02, 2023 in Family Law

Prenuptial agreements are legal contracts that specify spouses’ financial rights and responsibilities. For years, many people mistakenly assumed that prenuptial agreements were only necessary if a couple is extremely wealthy. However, more and more individuals of varying ages, races, and income levels are recognizing the benefits of signing a prenuptial agreement. If you are engaged to be married, here are five strong reasons to consider drafting a prenuptial agreement.

1.  To Protect Your Assets

If you have significant assets, such as real estate, investments, retirement assets, or high-value items such as artwork, you may want to consider getting a prenuptial agreement to protect those assets in the event of a divorce. A prenuptial agreement allows you to classify property as non-marital property and prevent the property from being transmuted into marital property during the marriage. Without a prenuptial agreement, your assets could be subject to division by the courts in the event of a divorce.

2.  To Protect Your Business

Business owners, entrepreneurs, and individuals with professional practices are encouraged to get a prenuptial agreement to protect their businesses. These assets may be subject to division if the marriage breaks down. A business owner or professional may be required to compensate his or her spouse for the spouse’s share of the business or professional practice during a divorce.

3.  To Keep Your Finances Separate

If you want to keep your finances separate from your spouse's, a prenuptial agreement can help you do that. Many people are hesitant to merge their finances with their spouse’s finances – especially if they have had problems with joining finances in the past. Modern couples are often financially independent before they begin dating, and they want to ensure that their marriage does not threaten this independence.

4.  To Avoid Conflict in the Future

Getting a prenuptial agreement can help to avoid conflict in the future by setting forth clear expectations for both parties. Without a prenuptial agreement, there may be disagreements about financial matters later on down the road. Studies consistently show that money-related disagreements cause substantial conflict during marriage. Prenuptial agreements allow the spouses to openly and frankly discuss financial matters and ensure that they start their marriage off on the same page.

5.  To Preserve Family Heirlooms for Children

People entering their second and third marriages often get prenuptial agreements to protect assets and ensure that certain assets are passed down to children from previous relationships. For example, if you have children from your first marriage, you may have special pieces of jewelry or other family heirlooms that you want your children to inherit upon your death. A prenuptial agreement can identify these assets as non-marital assets so that if you pass away before your spouse, these assets do not go to your spouse.

Contact our Joliet Family Law Attorney

If you are getting married, a prenuptial agreement can help you keep your finances separate, protect your assets, and ensure that you and your spouse are on the same page about finances before the marriage begins. Contact our Will County prenuptial agreement lawyers for help setting up a prenup that meets your needs. Call 312-702-1293 for a consultation.

Source:

https://www.forbes.com/advisor/legal/divorce/prenuptial-agreement/