When Should I Consider Getting a Prenuptial Agreement?

 Posted on February 26, 2019 in Family Law

Prenuptial agreements used to be a taboo subject. In the past, it was often believed that if you got a prenup, you were expecting to get divorced. However, in this day and age, many Americans are waiting longer to get married, which means that they are entering marriage with more property and debt than those in past generations. Because of this, prenuptial agreements have become more and more common. 

A prenuptial agreement can help set guidelines for how you will go about your divorce if your marriage ever ends, and it can protect the assets you bring into the marriage and prevent you from being responsible for debts your partner may have. If you are wondering whether or not a prenuptial agreement is right for you, here are a few situations in which you may want to consider a prenup:

1. You or Your Partner Were Married Before

One reason why prenuptial agreements are becoming more common is because many people are entering second or subsequent marriages. If you or your spouse have been married before, a prenuptial agreement can address any obligations you may have from your first marriage.

2. You or Your Partner Have Children

If either spouse is bringing children into the marriage, a prenuptial agreement can help hash things out in the event of a divorce. A prenup can help you make sure your children are protected by setting aside certain assets for them to ensure that they have the financial resources they need.

3. One of You Owns a Business

If you or your spouse own interests in a business, a prenuptial agreement can be crucial. If you own a business before you get married, the business itself is not considered marital property and cannot be divided in the event of a divorce. However, your spouse may be entitled to a portion of the value of the growth of your business throughout the marriage. A prenuptial agreement can protect business assets and ensure that the business will be able to continue operating if you ever get divorced.

4. One of You Has a Lot of Debt

Another reason why a prenuptial agreement can be beneficial is if one of you comes into the marriage with a significant amount of debt or if one of you racks up a lot of debt during the marriage. The prenuptial agreement can make sure you are not responsible for your partner’s debt in the case of divorce.

A Knowledgeable Bolingbrook Family Law Attorney Can Help

Getting married is a very exciting time in your life. While you should celebrate this step you are taking with your future spouse, you should also be thinking about your own future and well-being if your marriage ever ends. Getting a prenuptial agreement is a smart move, but getting help from a DuPage County prenuptial agreement lawyer is even smarter. At The Foray Firm, we can help you draft a solid prenuptial agreement that both you and your future spouse are happy with. Call our office today at 312-702-1293 to set up a consultation.

Sources:

https://www.bankrate.com/personal-finance/smart-money/why-engaged-couples-should-sign-a-prenup/

https://www.theknot.com/content/what-is-a-prenup-should-you-get-one

https://www.forbes.com/sites/christopherelliott/2018/07/19/read-this-before-you-sign-a-prenuptial-agreement/#17c2d0a587cc