Should I Get a Prenuptial Agreement?
Getting engaged to be married is a joyous time for any couple. In the midst of sharing pictures of the ring, scouting out locations for the wedding, and celebrating with friends and family, couples are also faced with a hard choice: Should they create a prenuptial agreement?
A prenuptial agreement, also called a prenup or premarital agreement, is a legally-binding agreement that a couple signs before getting married in order to protect each spouse's financial interests. Some people incorrectly assume that prenuptial agreements are only appropriate for celebrities, the extremely wealthy, and those couples who do not think their marriage will last.
Plan for the Worst
Of course, no one who gets married wants to imagine that it will end, but sadly about 40-50 percent marriages do. Therefore, it is important to plan for the worst case scenario even if the marriage is presently strong. As the old saying goes “It is better to be safe rather than sorry.” Many people fail to remember that marriage is not only a romantic relationship; it is also a business relationship. When two people get married, they merge not only their day-to-day lives but also their financial lives. Therefore, it is crucial that couples take time to put emotions aside and make these types of hard decisions.
How Can a Prenup Protect Me?
Prenups are designed to make sure neither member of the couple can take advantage of the other in the event of a divorce. A prenup can protect one spouse from acquiring the debts of the other, protect an individual’s assets or business, delineate how property is distributed after a death, streamline property division during divorce, and clarify the financial responsibilities of each spouse during the marriage.
A prenuptial agreement will save both spouses from tedious negotiations and tension if they ever get divorced. It is important to note that prenuptial agreements do not address issues of child custody or child support. Issues of child support or custody will be decided by the courts at the time of divorce. Prenups can be amended or canceled at any point during the marriage so long as both parties agree in writing.
Contact a Kane County Prenuptial Agreement Lawyer
Many couples choose to create a prenup so they can be certain of how finances will be handled in the event of a divorce. By hiring a skilled Geneva family law attorney, both spouses will have confidence that the agreement will be enforced by the courts. Call our office today at 630-232-9700, and schedule an appointment with a member of our experienced team.
Sources:
http://www.bankrate.com/personal-finance/smart-money/why-engaged-couples-should-sign-a-prenup/
http://time.com/money/4801340/prenups-what-to-include/
