Why You Should Consider Drafting a Prenuptial Agreement

 Posted on December 20, 2019 in Divorce

Prenuptial agreements have an unfair reputation as only being used by the extremely wealthy or in celebrity marriages that seem doomed to fail. The truth is that many normal, everyday, couples who take the financial responsibilities associated with marriage seriously sign prenuptial agreements. A prenuptial agreement, or “prenup,” can protect you and your soon-to-be spouse’s property rights in the event of divorce and address other issues. Drafting a prenuptial agreement is also a great way to start a dialogue about how financial matters should be managed during the marriage.

Common Situations in Which a Couple Utilizes a Prenup

Many people who are getting married for the second or third time use a prenuptial agreement. When you are on a second or third marriage, your financial situation is likely much more complicated than it was the first time you got married. You may own a home, significant assets, or have child support and spousal maintenance obligations from your previous relationship. A prenup can define exactly how marital assets should be divided if the marriage ends in divorce. It can also ensure that your final wishes regarding asset distribution and special heirlooms are followed.

A prenuptial agreement may be a good idea when there is a major discrepancy in the spouses’ level of income and/or wealth or a spouse has a high debt load. Some individuals also sign a prenuptial agreement because they plan to end their career in order to raise children and they want assurance that they will not be left without the financial support they need.

Signing a Premarital Agreement Does Not Mean You Plan to Divorce

The biggest myth that surrounds prenuptial agreements is that a couple would only sign one if they did not think the marriage would last. This myth exists because one of the main functions of a prenup is to protect each spouse’s property rights during asset division in divorce. However, just the way having car insurance or life insurance does not mean you will get into a car crash or experiencing an untimely death, having a prenup does not mean you will divorce. Many people find that creating a prenuptial agreement helps ensure that they and their spouse are on the same page regarding finances. This can help prevent arguments about money during the marriage.

Contact a Rolling Meadows Prenuptial Agreement Lawyer

To learn more about prenuptial agreements, including both drafting and enforcing them in the event of a divorce, contact an experienced Arlington Heights family law attorney at Cosley Law Office. Call 847-253-3100 to schedule a free consultation today. We can provide the guidance you need so that you can have the peace of mind you deserve.

Sources:

https://www.foxbusiness.com/features/6-reasons-why-you-might-want-to-get-a-prenup

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