Do I Need a Prenuptial Agreement?

 Posted on April 05, 2019 in Asset Division

In recent years, prenuptial agreements have been on the rise. What once was only for the rich and famous is now being utilized by people from all walks of life. The idea of a prenuptial agreement used to be taboo -- it was thought you should not be planning for your divorce before you are even married. Now, it is thought to be good planning to have a prenuptial agreement. 

Young people are waiting longer to get married and are older than previous generations when they get married for the first time. This means that people are usually bringing more assets and debt into marriages and using prenuptial agreements to safeguard their finances. Prenuptial agreements are on the rise, but they may not be right for everyone. 

Here are a few situations in which you should consider getting a prenuptial agreement:

1. One of You Has Been Married Before

A prenuptial agreement can be beneficial if you or your soon-to-be spouse has been down the aisle before. This is especially true if one of the spouses is are older or already has maintenance or support obligations.

2. One (or Both) of You Have Children

If you or your soon-to-be spouse already have children, you may want to consider getting a prenuptial agreement to protect them in the event you get divorced. The prenuptial agreement can protect your children by outlining which assets they are entitled to and ensuring they are taken care of in the event you get divorced or pass away.

3. One of You Has Significant Assets (or Debts)

If you are bringing significant assets or wealth into a marriage, you will want to make sure you protect those assets in the event you get divorced. If one of you brings home significantly more income than the other, you may also want to consider a prenuptial agreement. Similarly, if one of you has a lot of debt that you will be bringing into the marriage, you will want to make sure the other spouse does not get stuck paying for it.

Consult a DuPage County Prenuptial Agreement Lawyer Today

If you are pondering the idea of getting a prenuptial agreement before you tie the knot, it is a good idea to talk with a skilled Wheaton prenuptial agreement attorney. At the Goostree Law Group, our lawyers can help you create a prenuptial agreement that addresses all of your needs. We can also review a prenup that has been drafted by your future spouse’s attorney. The time before your wedding should be exciting and stress free -- let us do the hard work for you. Call our office today at 630-364-4046 to schedule a free consultation.

Sources:

https://www.bankrate.com/personal-finance/smart-money/why-engaged-couples-should-sign-a-prenup/

https://www.theknot.com/content/what-is-a-prenup-should-you-get-one

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