Prenup Benefits for Less-Than-Wealthy Couples

 Posted on December 07, 2018 in Prenuptial Agreements

A prenuptial agreement is a legal contract created before the beginning of a marriage or civil union. The document commonly outlines what should happen with any income, assets, or other financial responsibilities should the relationship end in divorce but can include anything either party deems pertinent. 

While these arrangements are largely made famous by celebrities and other high-asset individuals, prenups are not limited to this income bracket. With the right legal guidance from a qualified attorney, couples from all financial backgrounds can benefit from prenuptial agreements.

Prenups for Middle Class

For both the wealthy and non-wealthy, a properly drafted prenuptial agreement guarantees a fair and equitable division of assets and debts and protects both parties from financial distress. That can be crucial for those without massive amounts of capital. Although wealthy individuals can potentially lose a significant amount of their assets in a divorce, the truth of the matter is, they will still have food on the table. For those in the middle-class bracket, someone losing half of their combined assets can result in situations in which financial responsibilities cannot be met.

Do We Need a Prenup?

Regardless of your financial standing, prenup agreements are worth strong consideration. Although no one enters marriage believing it will end prematurely, that is the fate of approximately half of all marriages. It is better to create a prenup detailing what you both expect in marriage before it begins, as well as how you will handle things should the relationship sour. Doing so while both parties are amicable is always preferable than deciding the details after the love has passed. A prenup can help if:

• A couple has or plans to have children
• Either or both parties are business owners
• Financial distress is likely for at least one party in a divorce
• At least one individual has significant debt
• Someone plans to be a stay-at-home parent
• This is not your first marriage 

Contact a Naperville Family Law Attorney

Although we all hope your marriage lasts forever, you must remember that above all, your union is a legally binding agreement that combines the assets and debts of two individuals who both previously created a life for themselves. A DuPage County prenuptial agreement attorney will help you draft a prenup to protect your current and future assets. The attorneys at Pesce Law Group, P.C. will listen to your needs and create an agreement that defends the fruits of your labor. Hopefully, the document proves unnecessary, but it is always better to be safe than sorry. Call us today at 630-352-2240 to schedule your free initial consultation.

Sources:

https://www.liveabout.com/things-you-need-to-know-about-a-prenuptial-agreement-1103057

https://www.moneycrashers.com/prenuptial-agreement/