How to Know Whether You Could Benefit from a Prenuptial Agreement
Nobody who is about to get married wants to think about the possibility that they may one day get divorced. You create a prenuptial agreement with that scenario in mind, which makes asking for a prenup an awkward conversation to have with your fiance. For some people, it is a worthwhile conversation to have given their individual circumstances. The agreement can decide how you will divide your marital properties and pay spousal maintenance at a time when it is easier to negotiate with each other than it would be during a divorce. Creating a prenuptial agreement would be particularly helpful if any of the following applies to you:
- There Is an Income Gap Between You and Your Partner: When one spouse is the breadwinner in a relationship, the other spouse becomes financially dependent upon the marriage. The solution in the event of a divorce is spousal maintenance paid to the lower-income spouse, but the higher-income spouse is likely to try to minimize those payments. By including spousal maintenance in the prenuptial agreement, the lower-income spouse has more certainty about the amount of financial support they would receive after a divorce.
- You Have Valuable Premarital Assets: It may not be worth the effort to create a prenuptial agreement if you and your spouse are entering your marriage with few assets. If you do divorce in the future, your financial situation may have changed enough that the property portion of the agreement would be obsolete. However, some people enter a marriage already owning valuable properties, such as real estate or a business. Though premarital properties are normally not divided in a divorce, it is easy for these valuable assets to become marital properties by comingling them with your marital finances. A prenuptial agreement can state that your valuable premarital assets would belong to you after your divorce.
- You Plan to Have Children: Prenuptial agreements are not allowed to decide issues such as child support or the allocation of parental responsibilities. However, raising your children may require one of you to take a step back in your career, whether it is leaving your job or passing up on opportunities for career advancement. As a result, your income may be lower than your spouse’s income, making spousal maintenance more important during a divorce.
Contact a Kane County Divorce Attorney
You cannot rush the creation of a prenuptial agreement. Signing the document without considering the consequences could put you at a disadvantage if you divorced. If you are considering a prenuptial agreement, you need to immediately contact a Batavia, Illinois, divorce attorney at Van Larson Law, P.C. To schedule a consultation today, call 630-879-9090.