Prenuptial Agreement Lawyers
While there’s nothing romantic about prenuptial agreements (or “prenups”), you could avoid the stress and financial tension that often comes with a new marriage by speaking to a prenuptial agreement lawyer. Having answers to questions that will likely arise if the marriage should come to an end can relieve a lot of newfound stress, for both parties. We all would like to believe that our marriage will last a lifetime, but the harsh reality is that almost half of all first marriages in the United States end in divorce. The divorce rate is even higher for second or subsequent marriages.
No one wants to plan for the end of their marriage, especially when they’re caught up in the romantic whirlwind of planning a wedding. However, just like your wedding celebration, marriage is a partnership that requires careful planning regarding assets, property, and other important financial matters. Memorializing your intentions regarding your property, assets, and future financial concerns with a written, enforceable prenuptial agreement can relieve a lot of anxiety, prevent future disagreements, and minimize the cost of litigation.
If your fiance has presented you with a prenup or you think a prenuptial agreement is right for you, Anderson & Boback can help. Our prenuptial agreement lawyers will evaluate your situation, provide guidance regarding the law, and structure an enforceable agreement to protect your rights and interests in a marriage. We have extensive experience in the preparation of prenuptial agreements, post-nuptial agreements and the enforcement of all marital or divorce contracts.
Millennials Prenuptial Agreements
Millennial prenuptial agreements tend to look a little different. For one, there is a particular focus on finances. People are getting married later than they used to, which means that they have more assets to protect. On the flip side, millennials also bring a lot of student debt into the marriage that the other party would like to protect themselves from. Other issues that millennials tend to focus on are pet custody and the allocation of frozen embryos post-divorce. This video, attorney Jessica Marchall discusses the nuances of Millennials prenuptial agreements
Situations to Consider Prenuptial Agreements
You may be wondering if a prenuptial agreement is right for you and how to bring it up with your future spouse. While it’s not the most romantic items to discuss on your wedding planning list, premarital agreements have protected the rights of many individuals who never thought they would need it. And if you think only wealthy people require prenuptial agreements, think again. There are many situations in which prenup bring clarity and peace of mind to couples entering into a marriage.
Situations, where a prenuptial agreement is recommended, include:
- You earn a significantly higher income than your soon-to-be spouse.
- You have valuable property, stocks, and bonds, etc.
- You anticipate a large increase in your income.
- You own or are part owner of a business.
- This is not your first marriage.
- You have children from a previous marriage or relationship.
- Your soon-to-be spouse has significant debt.
What if I have Children from a Previous Marriage?
If you have children from a previous marriage or relationship, prenuptial agreements help to protect the direction of your will and any inheritances that would go to your children. Without a premarital agreement, your ex-spouse could end up with property and assets that were intended for your children due to a divorce settlement in the event of your untimely passing.
If this is not your first marriage or you have children of your own to support, speaking with a prenuptial agreement lawyer will provide you with the knowledge you need to make decisions to protect yourself and your family.
What Happens to My Business if the Marriage Comes to an End?
If you own a business or you are a partial owner of a business, consulting with a family law attorney regarding a prenuptial agreement is a good idea. It is a wise business decision to have contingency plans in place in the event your marriage does not endure forever. Knowing what could happen to your business in the event of a divorce is just smart business planning. In Illinois, businesses are considered to be marital property unless stated otherwise. If a premarital agreement is not drawn up ahead of time to clearly define business ownership and control, your ex-spouse could end up with ownership or authority in your business.
Is it Time to Meet with a Prenuptial Agreement Lawyer?
It may not be easy to bring up the subject of prenuptial agreements, although it may be a discussion worth having with your fiancé. It is important to work with an experienced prenuptial agreement lawyer so you know that your prenup is fair and enforceable.
Anderson & Boback will help you to evaluate all concerns with protecting your property and assets whether you’re entering into a marriage, a civil union, or a domestic partnership. Prenuptial agreements address important issues affected by marriage which include:
- Assets and debts
- All finances including checking and savings accounts
- Investments, retirement accounts, and pensions
- All properties and real estate
- Any interest in business ownership
- Estate planning including ongoing care of children from a prior marriage
- Any current or future inheritances
We understand the joys and stresses that come with an upcoming marriage and can help you determine how you may best benefit from a prenuptial agreement.