Five Reasons to Consider a Prenuptial Agreement Before You Get Married

 Posted on September 30, 2019 in Prenuptial Agreements

For many years, prenuptial agreements were largely considered to be necessary only for the super-rich. Today, however, more and more couples are considering using agreements like these. In fact, according to a survey conducted by the American Academy of Matrimonial Lawyers, more than half of family lawyers who responded said that they had seen an increase in requests for prenuptial agreements from the generation known as “millennials” (roughly aged 18-34).

There are a number of reasons why millennials might see fit to use prenuptial agreements, including the fact that they are getting married for the first time at a higher average age compared to previous generations. This means that they generally have more time to accumulate assets, debts, and other obligations before getting married.

If you are soon to be married and you are considering a prenuptial agreement, there are five good reasons why such an agreement might be a good option:

Reason #1:  A Second or Third Marriage

If your upcoming marriage is a remarriage, you should strongly consider drafting a prenuptial agreement. This is especially true if you have obligations for spousal support or your property settlement included future considerations. Likewise, if your spouse was married before, you might want a prenuptial agreement for similar reasons.

Reason #2: Children from a Previous Relationship

When children from a prior relationship are involved, it is critical to protect their rights and best interests. You or your spouse might have child support obligations that will need to be accounted for during your marriage. A prenuptial agreement could also clarify your wishes regarding your children’s inheritance rights.

Reason #3: Large Disparities in Assets or Debts

Through a prenuptial agreement, you could afford yourself additional protection if you have accumulated a substantial amount of wealth before getting married. It could also help protect you from being responsible for debts belonging to your future spouse. By setting clear boundaries in a prenuptial agreement, you can enjoy added security and peace of mind.

Reason #4: Business Ownership

If you own a business during your marriage, your business holdings are generally considered to be marital property subject to division during a divorce. If the business was started prior to the marriage, any growth attributable to your efforts during the marriage would usually be considered marital property. A prenuptial agreement could be used to separate your business holdings from other assets related to the marriage—or to specify which other assets your spouse might be given instead of dividing up your business.

Reason #5: Stay-at-Home Parenting

While Illinois law provides that the contributions of a homemaker or stay-at-home parent must be considered when dividing property in a divorce, you have the power to do so in advance if you or your spouse plans to stay home with the children. Talking about it now could also help you both appreciate the efforts that go into stay-at-home parenting, which could be a net positive on your relationship.

A Naperville Prenuptial Agreement Lawyer Can Help

While it might be uncomfortable and intimidating to ask your soon-to-be spouse to go through the process of drafting a prenuptial agreement, doing so could allow you to begin your marriage with a sense of openness and honesty. The communication required for a valid prenuptial agreement can create a solid foundation on which you can build a happy, healthy marriage. For more information regarding prenuptial agreements, contact an experienced DuPage County family law attorney. Call 630-352-2240 to schedule a free consultation at Pesce Law Group, P.C. today.

Sources:

https://www.businessinsider.com/millennials-are-driving-an-increase-in-prenuptial-agreements-2019-8

https://www.foxbusiness.com/features/6-reasons-why-you-might-want-to-get-a-prenup