Should You Consider a Prenuptial Agreement?

 Posted on December 00, 0000 in Prenuptial Agreement

Nobody prepares for divorce when they are engaged, but according to a survey from the American Academy of Matrimonial Lawyers, that is exactly what people are doing. Of the members surveyed, 62 percent saw an increase in the number of couples seeking prenuptial agreements over the past three years. Increasing Popularity, Losing Stigma One reason why prenuptial agreements are becoming more common is due to the trend in marriage - more people are waiting until they are older to get married. According to a U.S. Census report, about 8 in 10 people had married by age 30 in the 1970s, but in 2016, the same percentage was not reached until age 45. Because people are waiting longer to get married, they are more likely to have accumulated assets, such as a business or property. A prenuptial agreement is a way for couples to protect these assets in the event of a divorce. Prenuptial Agreements May Be for You

While prenuptial agreements still might ring unromantic for some, they can be right for others. Here are seven situations in which a prenuptial agreement might be right for you.

1. When important assets are involved - When you have assets such as a house, stocks or retirement funds, a prenuptial agreement can protect your personal assets.
2. When children from previous marriages are involved - Many times people have obligations to their previous spouses or children from a previous relationship. Prenuptial agreements can protect certain assets and allocate them to the children.
3. When one partner owns a business - If you own a business and you end up getting a divorce, part of your business may be allocated to your spouse, meaning you may end up with an unwanted partner in your business.
4. When one partner is much wealthier than the other - When there is a major income difference in partners, things can often turn out not in the favor of the wealthier partner.
5. When one partner is much older than the other - If one partner is much older than the other, the older partner may not be able to recover their assets in time for retirement.
6. When debts are involved - When one or both partners have debt going into a marriage, having a prenuptial agreement can ensure that each partner pays for his or her own debt when the marriage is dissolved.
7. When inheritance is expected - If one or both partners expect to gain an inheritance during their marriage, a prenuptial agreement can prevent it from being divided in the case of a separation. A prenuptial agreement can also specify that family heirlooms stay with a specific partner.

Contact an Illinois Prenuptial Attorney If you think that a prenuptial agreement is right for you, you need the help of an experienced Illinois prenuptial attorney to take care of the details. The Law Office of Matthew M. Williams can provide you with guidance and nearly 10 years of expertise. Call 630-409-8184 to schedule a consultation.

Sources:

https://www.washingtonpost.com/business/economy/why-youre-more-likely-to-have-a-prenup-than-your-parents-were/2017/08/04/51361598-77d8-11e7-9eac-d56bd5568db8_story.html?utm_term=.4744c5cea865

http://aaml.org/sites/default/files/New%20vow%20%E2%80%99Til%20prenup%20do%20us%20part.pdf