Should I Sign a Prenuptial Agreement? 

 Posted on February 17, 2023 in Family Law

 Prenuptial agreements, often referred to as “prenups,” are legal contracts between two individuals planning on getting married that set out how their assets and property will be divided in the event of a divorce or death of a spouse. Prenups have become increasingly common for a variety of reasons.

If you are getting married and are interested in signing a prenup or learning more about them, consider contacting an experienced family law attorney to guide you through the process and make you aware of everything you need to know.

What Can a Prenuptial Agreement Do for Me?

Many people are not aware of the ways that a prenuptial agreement can benefit them. If you are getting married, a prenuptial can help you accomplish a variety of goals, such as:

• Keeping finances separate - Modern spouses are often highly independent. They want to keep their finances separate from their partner’s spouses. A prenuptial agreement can help you do this.

• Keeping debts separate - Many people getting married have student loan debt, credit card debt, business debts, or other types of debts. Prenuptial agreements can be used to shield a spouse from the other spouse’s past and future debts.

• Setting up the terms of spousal maintenance - A lower-earning spouse, homemaker, or stay-at-home parent may worry about how he or she will make ends meet if the marriage ends. A prenuptial agreement can define the terms of spousal maintenance so this spouse will have access to financial support if the couple gets divorced.

• Differentiating marital property and non-marital property - You can use a prenuptial agreement to designate certain assets as marital property or non-marital property. For example, you may wish to ensure that your business or professional practice remains a non-marital asset or that certain family heirlooms are excluded from the marital estate. This can be very helpful for estate planning purposes, even if the couple never gets divorced.

• Promoting financial transparency and honesty - When a couple drafts a prenuptial agreement, they must disclose all of their assets and debts. This fosters open communication about finances and can help the couple avoid unexpected surprises or arguments about financial issues later in the marriage.

Contact an Arlington Heights, IL Family Law Attorney

If you are interested in signing into a prenuptial agreement, contact the skillful Arlington Heights family law lawyers with A. Traub & Associates. Call 847-749-4182 for a private consultation.

Source:

https://www.forbes.com/advisor/legal/divorce/prenuptial-agreement/