Prenuptial Agreement: Protecting Romance

 Posted on December 00, 0000 in Aurora Family Law Attorney

During a couple's engagement, the consideration and discussion of a prenuptial agreement with a potential spouse may be considered "unromantic." However, many divorcees express the wish that they had executed one, as it can be a strong tool in avoiding a contested divorce proceeding.

Yet with that said, agreeing to a prenuptial agreement may show your fiancée that you are not in it for the money, but that you are committed to the relationship and are thus protecting the romance.

Elizabeth Gilbert, author of the bestseller “Eat, Pray, Love” puts it plainly: “Marriage is not just a private love story but also a social and economic contract of the strictest order...if it weren’t, there wouldn’t be thousands of municipal, state and federal laws pertaining to our matrimonial union.”

Suze Orman, personal-finance advisor, encourages every engaged couple to get one as a protection for both current and future assets.

A USA Today article cited Pew Research data showing a divorce rate of 50 per cent, with the median length of a marriage at 18 years. Given that, Orman added, “Hope is not a financial plan ... the time to plan for a divorce is not when you’re in a state of hate.” A 2010 Harris Interactive poll revealed that 44 per cent of singles, and 49 per cent of divorced, felt that a prenuptial was a good idea.

“Prenups” may act to strengthen chances of a successful marriage by addressing whatever individual concerns each party may have, from protection of family assets all the way down to ownership of a home, a pet, or an heirloom.

A prenuptial agreement should be discussed early in marriage planning, and done with frankness. Steve Hartnett, associate director of education for the American Academy of Estate Planning Attorneys, stresses the need for a prenup to be drafted with great care, as laws vary from state to state, and enforcement may depend on its construction. Should you be considering this option, contact and consult with an Illinois family law attorney today.