When you prepare for marriage, you will likely focus on things like where the wedding will be, what kind of flowers you need to order, and which people you are planning to invite. The possibility of your marriage coming to an end one day rarely gets even a second thought. However, it is a good idea to prepare for that possibility, even if it is an unpleasant thing to consider. Having an experienced family law attorney help create a prenuptial agreement can provide you and your spouse with financial and legal protection if your marriage ever ends, either from divorce or death.
While many people think of a prenuptial agreement, also known as a prenup, as a document that is necessary only for those with large financial assets, that is not necessarily true. There are numerous reasons why you might want to consider getting a prenup before you tie the knot.
Benefits of a Prenuptial Agreement
A prenuptial agreement will act as a contract between spouses, and it can address many issues, including the rights that each spouse has to the property that was acquired before and during their marriage, how debts and assets will be divided if there is a divorce, and whether one of the spouses will pay spousal maintenance (alimony) to the other at the end of the relationship. Prenups can provide a sense of security in many situations, including, but not limited to, the following:
- One spouse has a higher income than the other. If one of the spouses earns significantly more money than the other, or one of them stays home to raise children instead of having a career, a prenup can specify that the lower income spouse will receive financial support from the other spouse following a divorce, so they can maintain financial security.
- One spouse brought significant debts or assets to the marriage. If a spouse enters the marriage with significant assets, they may want to ensure that those assets are not subject to division in the event of a divorce. Likewise, if one of the spouses enters the marriage with significant debt, a prenup can specify that the other spouse is not responsible for those debts if they later divorce.
- One or both spouses own a business. Family-owned businesses often represent significant assets in a marriage, but these businesses may not have the ability to survive a division of assets if a divorce were to occur. A prenuptial agreement will be able to define how the ownership of the business will be handled in the case of divorce, ensuring that the business will be able to continue its operations if the marriage ends.
- Either spouse has children from a previous marriage. When one of the spouses from a marriage dies, the remaining spouse is entitled to half of the deceased person’s estate. However, if that spouse had children from another marriage or relationship, that spouse may want to guarantee that a certain amount of their assets will be inherited by those children. A prenuptial agreement can ensure that their wishes will be carried out the way they wanted.
Contact an Experienced DuPage County Prenuptial Agreement Attorney Today
If you are preparing for marriage, you also need to prepare for the future, and part of that preparation may include a prenuptial agreement. A prenup provides certainty in the event that a divorce occurs, regardless of the assets brought into the marriage by either side. The dedicated Naperville family law attorneys at Momkus LLC have decades of experience helping ensure that our clients’ futures are secure in the event life doesn’t work quite the way they planned. Contact us today at 630-434-0400.