Three Factors Every Couple Should Consider Before Pursuing a Prenuptial Agreement

 Posted on July 27, 2016 in Prenuptial and Postnuptial Agreements

When it comes to prenuptial agreements, the general opinion often seems to stem from the negative stigma that anyone who pursues such an agreement must not have much faith or trust in their future spouse. Although this may actually be the case for some individuals, in most cases, this stereotype could not be farther from the truth.

Prenuptial Agreements in Today’s World

Prenuptial agreements are extremely popular nowadays, for multiple reasons. Their popularity is not merely a reflection of the state of marriages in today’s society; prenups offer practical advantages that can benefit both partners equally. Broaching the topic with your future spouse can feel uncomfortable at first, but if you both share mutual interest in pursuing a prenuptial agreement, it can prove to be a valuable, effective tool as you enter your marriage.

Here are some factors to discuss if you are on the fence about signing:

Communication and Goals

One of the biggest benefits to signing a prenuptial agreement is the chance to improve and strengthen the communication regarding finances in your marriage. Discussing financial boundaries, debts, concerns, and overall goals as a couple early on can save you both a lot of headache down the road. It also brings you both to a place of better understanding about what each person wants and needs during the marriage. If you want to be clear about your financial standing prior to the marriage, signing a prenup presents a practical outlet for putting everything on the table before you say, “I do”.

Your Property and Assets

The primary purpose of a prenuptial agreemetn is to prepare for the unexpected. It does not hurt for a couple to approach a prenup the same way they would approach any other decision in life: hope for the best, prepare for the worst. Discuss your individual property and belongings and what you would like to see happen to those assets in the event your marriage ends. If you or your spouse have significant assets prior to the marriage, it is wise to speak with a professional attorney who can help ensure those belongings are protected in writing.

Wills, Benefits, and Life Insurance Policies 

Along with property and account assets, other financial and estate arrangements such as wills, trusts, employment  benefits, and life insurance policies can also be affected upon the dissolution of marriage. Be sure to discuss these existing arrangements and the potential effects divorce can have on them with your future spouse and attorney.

It is understandable that you might experience some hesitation when considering a prenuptial agreement, but the benefits almost always outweigh the cons when signing such an agreement. If you are in doubt or require further guidance, contact an experienced family law attorney in Geneva today. Call 630-232-9700 for a confidential consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=8300000&SeqEnd=10000000