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Preparing for a wedding is a busy, thrilling, and nerve-wracking time. There are so many things to think about and so much romance in the air that considering a prenuptial agreement is often the last thing on the bride or groom’s mind. After all, nobody gets married believing that they will eventually get divorced.
Unfortunately, the statistics on divorce are clear. Many marriages do eventually come to an end, and many divorces are hostile and combative in nature. Although it may feel as though such a thing could never happen to you, spending just a few hours on a prenup now could protect you from months or even years of conflict, heartache, and expense in the future. Here are some common reasons couples get prenuptial agreements.
This is perhaps the most common reason for a prenup: One spouse has valuable assets and wishes to keep them in their entirety if the marriage ends. A prenup can protect real estate, investments accounts, small and large businesses, and even overseas assets. Clearly outlining these things in a prenup can prevent extended litigation and negotiation during a divorce.
A prenuptial agreement does not just protect your assets - it can also protect your expenses. If you or your spouse have been previously married and divorced, your new marriage will not stop any current financial obligations in the form of child support or spousal maintenance. A prenup can state that certain funds must be used to pay pre-existing familial obligations.
The average cost of college tuition has risen at the same time that the average age of marriage has increased. Today more than ever, partners who are getting married may already have substantial personal debt. Student loans are almost impossible to discharge, and the financial consequences of mismanaging any kind of debt can be serious and long-lasting. Someone whose fiance already has, or is likely to have, substantial debt can use a prenup to protect themselves from having to help pay off their partner’s loans after divorce.
Understanding whether a prenuptial agreement is right for you can be difficult, especially when there are so many other things to do before your wedding. The DuPage County family law attorneys with Law Office of Martoccio & Martoccio will make the prenup process straightforward and easy to understand. Protect yourself now and in the future. Contact our offices online or at 630-920-8855 to schedule your free consultation.