Prenuptial agreements are rising in popularity. More and more couples are signing prenuptial agreements before they say “I do.” Modern couples are realistic. Drafting a prenuptial agreement is not exactly romantic, but it is one of the most responsible decisions you could make before getting married. If you are considering a prenuptial agreement, here are five reasons to get one.
To Protect Your Assets
If you have significant assets, a prenuptial agreement can help protect them in the event of a divorce. When people get married, their finances inevitably become mixed. Any property or money that a spouse earns while they are married is added to the marital estate. If the couple divorces, any property contained in the marital estate is divided between the spouses. With a prenuptial agreement, you can keep your assets separate. This means that in the event of a divorce, your assets will not be considered part of the marital estate and will not be subject to division. You can also use a prenuptial agreement to protect inherited property or gifts from family members.
Some married couples prefer to keep their finances separate. Instead of mixing property and debts, they use a prenuptial agreement to classify their assets and debts as non-marital. This means that in the event of a divorce, each spouse will keep their own property and debts.
To Protect Your Business
If you own a business, a prenuptial agreement can help protect it in the event of a divorce. Businesses are treated like any other asset during divorce. Without a prenup, your business may be classified as marital property. This means that if you divorce, your spouse may have a right to a share of the business’s value.
To Define Spousal Maintenance Terms
A prenuptial agreement can also be used to define spousal maintenance terms. Spousal maintenance, also known as alimony, is money that one spouse pays to the other during or after a divorce. In Illinois, couples can negotiate their own spousal maintenance terms. If they cannot reach an agreement, the court will decide how much one spouse will pay to the other.
A prenuptial agreement can help avoid this by defining spousal maintenance terms in advance. This means that couples can agree on a fair amount of spousal support before they get married.
To Avoid A Lengthy And Costly Divorce
No one wants to enter into a marriage thinking about the possibility of divorce. However, divorces can happen, even to the best of couples. If you want to avoid a lengthy and costly divorce, consider signing a prenuptial agreement. Prenups can help couples resolve property division issues without having to go to court. This means that if you do divorce, the process will be quicker and less expensive.
To Encourage Honesty and Transparency Regarding Financial Issues
Couples who sign prenuptial agreements are typically more open and honest about their finances. This is because they have to disclose all of their assets and debts to each other before signing the agreement. This transparency can help prevent arguments about money later on in the marriage. It can also help couples make informed financial decisions during the marriage.
Contact a DuPage County Prenuptial Agreement Lawyer
A prenuptial agreement can help you classify certain property as non-marital property, ensure family heirlooms stay in the family, and define spousal maintenance terms. At Goostree Law Group, our Wheaton family law attorneys understand that a strong prenuptial agreement protects the rights and financial interests of both parties. Call 630-364-4046 to set up a free consultation.