Should I Get a Prenup?

 Posted on November 30, 2018 in Family Law

While you hope your marriage will stand the test of time, there is nothing wrong with planning for the worst-case scenario before you tie the knot. A prenuptial agreement is not an indictment of your relationship or its long-term potential. Instead, it displays a couple’s willingness and vision to account for various important issues if the marriage someday comes to an end. It can be considered an insurance policy to protect both parties.

If you are unsure if a prenup is right for you, here are some examples of types of individuals who should strongly consider crafting one with the help of a skilled family law attorney prior to their wedding day: 

Entrepreneurs

If you own a business separately or together, or if you are involved in an enterprise with multiple business partners, a prenup can ensure business interests are not negatively impacted by a divorce. You can draw clear parameters as to who will own what business assets and provide exit agreements if your marriage ends in a contentious manner. 

High Net-Worth Individuals

As a rule, this includes people with assets outside of their home(s) with a value of more than $1 million. When two such individuals enter into marriage, they often agree to a prenup beforehand that lists all financial assets and how they will be divided in the event of a divorce. The agreement may state that they essentially take what they came in with, then split assets accumulated during the marriage.

Those With a Large Disparity in Net Worth

These unions happen regularly with no problems, but there are many cases in which a wealthy individual may worry about how a potential divorce may impact their financial situation. In addition to the endangerment of their own financial well-being, the loss of assets can also affect the inheritances that had been set aside for children or other loved ones. A prenup can help ensure that high net-worth individuals are protected in the case of divorce. 

Individuals With Children from Past Marriages

A prenup in this instance is often used to guard the inheritance of one’s dependents or grown children. You can set exact amounts or percentages for what they will receive, so there is no ambiguity in the eyes of the court.

Contact an Oak Park Prenuptial Agreement Attorney

If you plan to get married, and your soon-to-be spouse vehemently argues against putting a prenup in place, that might be a reason for concern. Before you exchange your vows, discuss your situation with an experienced Hillside, IL family law attorney. Call our office at 708-449-7400 for a free consultation. 

Sources;

https://www.gobankingrates.com/saving-money/relationships/financial-reasons-need-prenup/

https://www.business.com/articles/protecting-your-business-with-a-prenup/