For many years, prenuptial agreements were thought of as antiquated, unnecessary, and unromantic by a large portion of newlyweds. However, attitudes about prenups are changing, and many people now recognize the benefits that a prenuptial agreement can provide. Young couples are signing prenups at rates that are higher than ever before, and there are several reasons for this trend.
Advantages of Premarital Agreements Among Younger Engaged Couples
One of the most common reasons young couples choose to sign a prenuptial agreement is to protect their assets. This is especially true for couples who have already accumulated some wealth before getting married. In the age of Bitcoin, tech startups, and other modern financial opportunities, it’s not uncommon for people in their 20s and 30s to have substantial assets. A prenuptial agreement can ensure that these assets remain separate in the event of a divorce.
Another reason young couples may sign a prenup is to protect themselves from future debt. This is particularly relevant for couples who are still in the process of paying off student loans or other debts. If one spouse accumulates significant debt during the marriage, a prenup can protect the other spouse from being responsible for that debt in the event of a divorce.
Prenups can provide some clarity and peace of mind for couples who have different financial backgrounds. For example, if one spouse comes from a wealthy family and the other does not, a prenup can help to level the playing field financially. This can make it easier to avoid arguments about money during the marriage.
Many individuals also include spousal maintenance or alimony provisions in their prenuptial agreements. If a spouse plans to stay home with the children or otherwise sacrifice financial opportunities, divorce can represent a serious threat to his or her financial stability. Including spousal maintenance arrangements in a prenuptial agreement gives a non-working spouse peace of mind knowing that if the marriage did end, he or she would still have financial support.
Contact a DuPage County Divorce Lawyer
While drafting a prenuptial agreement is admittedly less than romantic, prenuptial agreements can be beneficial for couples of all ages. A prenuptial agreement can classify property as either marital or non-marital, protect assets if the marriage does not work out, and describe a spouse’s maintenance obligations or entitlement.
If you are engaged and considering a prenuptial agreement, contact our experienced St. Charles family law attorneys to get started. Call [[title]] at [[phone]] for a free consultation.