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A prenuptial agreement is a legal contract made by a couple before they get married that outlines how assets will be split in the event that their marriage ends, Often times, couples are hesitant to get a prenuptial agreement because of the negative connotations attached to it. They believe that if they get a prenuptial agreement, they are expecting their marriage to fail.
However, this is far from the truth as the purpose of a prenuptial agreement is to provide spouses with a financial safety net if their marriage does not work out. Although a prenuptial agreement may never be used, it’s a smart decision for couples to get one prior to getting married. Here are five reasons you should get a prenuptial agreement with your soon-to-be husband or wife:
1. You Are Wealthier Than Your Spouse
If you are wealthier than your soon-to-be spouse and do not have a prenuptial agreement, you can lose a great deal of money. With a prenuptial agreement, you can limit the amount of alimony you must pay if a divorce does arise.
2. You Are Poorer Than Your Spouse
Just as a prenuptial agreement can protect a spouse who is wealthy, it can also be used to ensure that you are protected financially if you have less money than your spouse.
3. You Own a Business
If you own a business, a prenuptial agreement can protect any business assets that you have accumulated prior to getting married. While your ex-spouse may have rights to a portion of the profits your business earned while you were married, the prenup can protect you from having to make them a business partner.
4. Your Spouse Has a Significant Amount of Debt
If you are marrying someone who owes a significant amount of debt, a prenuptial agreement can protect you from being partially responsible for their student loans, medical bills, car payments, and other debts that they had before you were married.
5. You Plan to Raise Children While Your Spouse Works
If you are planning on staying at home to raise your children while your spouse works, a prenuptial agreement is a good idea. It can provide you with financial stability in the event you must re-enter the workforce after getting divorced.
6. You Have Been Married Before
If you have been married before, a prenuptial agreement can clarify who will pay any children-related expenses or other financial obligations from previous marriages. A prenuptial agreement will also determine how your assets will be divided if you get divorced or pass away.
Contact a Highly Skilled DuPage County Divorce Attorney
If you are planning on getting married in the near future, a prenuptial agreement can help you and your future spouse plan a safe and secure future. The Hinsdale divorce attorneys at Martoccio & Martoccio can guide you through the process of creating a prenuptial agreement so that you and your future spouse can gain the peace of mind you deserve. Call us today at 630-920-8855 to schedule a consultation.