When Should a Couple Consider Signing a Prenuptial Agreement?

 Posted on September 24, 2021 in Premarital Agreement

When a couple is planning to get married, divorce is probably the last thing on their mind. When preparing for a life together as partners, a couple usually will not want to think about the possibility of their relationship ending. However, considering this issue can not only help a couple prepare for this unpleasant possibility, but it can also help them identify and address issues that may become a concern in their relationship in the future. After discussing these matters, a couple may find that creating a prenuptial agreement would be a good idea.

Reasons to Sign a Prenup

When creating a prenuptial agreement, or prenup, a couple will make decisions about how certain issues will be handled if their marriage ends, including through divorce, legal separation, or the death of a spouse. This can ensure that they will both have the financial resources they need in such cases, while also allowing them to minimize disputes during the divorce process. A prenup can be beneficial in many situations, including when:

• One or both partners have significant assets - While assets owned by one partner before getting married will be separate property that will not need to be divided between the spouses during a divorce, it can be easy for marital assets and separate assets to be commingled. For example, one partner may own a house, but the couple may expect to live together in the house, and they may both contribute to mortgage payments or improvements to the house during their marriage. A prenup can specify that certain assets will remain the separate property of one spouse and will not be divided in the case of divorce.

• One partner owns a family business - If a person owns a business, they will want to make sure they will be able to continue owning and operating the business throughout their marriage and after their divorce. To avoid the possibility that a person’s spouse may be able to claim ownership of certain business assets, a prenup may state that the business will be separate property.

• Either partner has large debts - If one partner is concerned that they may be responsible for repaying the other partner’s debts, a prenup may state that these debts will continue to be owed by the original spouse.

• One partner expects to be a stay-at-home parent - While a prenup cannot make decisions about child custody, it may address some concerns a parent may have about their ability to support themself if they do not work outside the home. If one partner expects that they will be relying on the other to support the family during their marriage, they may create a prenup that states that spousal maintenance will be paid in the case of divorce.

• One partner has children from a previous relationship - If a person is concerned about whether they will be able to provide for their children if their marriage ends, they may use a prenup to state that certain assets will be set aside and given to the children in the case of divorce, or they may make other arrangements to ensure that the children will have the financial resources they need.

Contact Our St. Charles Prenup Lawyers

At Goostree Law Group, we can help you determine whether a prenuptial agreement is right for you, and we will work with you and your partner to negotiate an agreement that will protect your interests and meet your needs. Contact our Kane County prenuptial agreement attorneys at 630-584-4800 to arrange a free consultation today.

Sources:

https://www.brides.com/guide-to-prenups-5094310

https://www.businessinsider.com/reasons-to-sign-a-prenup-before-marriage-2018-10