If you are engaged to be married, congratulations! Marriage can be a wonderful way to formalize a committed relationship. However, marriage is not without financial risk. One way married individuals can mitigate the financial risks associated with marriage and protect their financial future is by creating a prenuptial agreement.
Prenuptial agreements are becoming more and more popular, especially among millennials. In a study conducted by the American Academy of Matrimonial Lawyers, over 60 percent of the lawyers surveyed noticed an increased number of engaged couples seeking prenups. The increase is not surprising given the significant benefits associated with prenuptial agreements for both spouses in a marriage.
Top Benefits of Utilizing a Prenuptial Agreement
Prenuptial agreements, or prenups, are often misunderstood. These legal tools are not only useful for extremely wealthy couples. They provide benefits for married individuals of all ages, lifestyles, and income levels. Prenuptial agreements can provide benefits including:
Separating finances – Many modern couples wish to keep their money and property separate. Through a prenuptial agreement, couples can designate certain assets as non-marital, belonging solely to one spouse. Prenuptial agreements are popular with business owners because they can be used to keep the business separate from the marriage.
Protection from the other spouse’s debt – Many people who get married have credit card debt, loans, and other debts. A prenuptial agreement can be used to ensure a spouse does not become burdened by the other spouse’s debts.
Protecting family heirlooms – Many people own property of great personal or sentimental value. A prenuptial agreement can be used to designate these items as non-marital property. This ensures that, should the couple divorce, the property stays in the family.
Avoiding stress and expense during divorce – Signing a prenup does not mean that a couple will divorce, but it is important to be prepared for that possibility. If a couple has already signed a prenuptial agreement and they get divorced, many of the major divorce issues like property division and spousal maintenance will already be decided. This can make the divorce process much less painful.
Financial security for non-working spouses – If a spouse intends to stay home and raise children or be a homemaker, he or she can be left in a serious financial predicament in the event of divorce. A prenuptial agreement can be used to ensure that a non-working spouse will be entitled to spousal maintenance, also called alimony, if the marriage ends.
Contact a Wheaton Prenuptial Agreement Lawyer
Prenuptial agreements can provide numerous benefits for engaged couples. To learn more about how a prenup can benefit you and your partner, contact the DuPage County family law attorneys at Davi Law Group. Call us at 630-657-5052 for a free consultation.