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May 07, 2015

How to Decide if You Should Get a Prenuptial Agreement

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How to Decide if You Should Get a Prenuptial Agreement

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As reports of national divorce rates continue to hover around 40-50 percent, these days, many more people who are getting married are considering the possibility of signing a prenuptial agreement. While these documents have been known to be a sticking point for some people, more and more couples are realizing that these premarital agreements help give them a sense of peace in the event that their marriage should end prematurely. If you are planning to get married in the near future, then maybe you have wondered if a prenuptial agreement is right for you. Remember, just because you get life insurance, doesn’t mean you are planning to die anytime soon….

So what kinds of things should you consider if you are thinking about a premarital agreement and how should you go about deciding if a prenup is right for you? Every couple is different and each situation is unique. If you are considering a prenuptial agreement you really need to weigh the pros and the cons. These are some of the benefits, as well as some of the negatives of a prenuptial agreement.

Pros:

  • Agree on how to split up when you can both agree on things instead of waiting for you to be unable to reach an agreement later
  • Having both parties’ assets and possessions documented as separate property, and at least, both parties disclose their assets to one-another
  • Avoiding the court’s extensive involvement when it’s time to divide property
  • Creating a division between what is non-marital and what is marital property
  • Documenting any special arrangements between a couple on paper
  • Helps avoid long, drawn-out court proceedings
  • Helps reduce the possible conflicts during the divorce process.
  • Sorting any debt that both parties have before entering marriage and assigning who will be responsible for that debt

Cons:

  • Possibly the biggest drawback to a prenuptial agreement is that it allows for the thought that the marriage might not last. This can be damaging for some couples that don’t even want to entertain that thought. However, just like life insurance, it sometimes makes sense to plan for the worst even though you don’t expect it.
  • Sometimes people don’t have many assets to worry about when they get married, especially if it’s a first marriage. That means the timing of a prenuptial agreement might not be right.
  • Prenuptial agreements cannot include certain matters like child custody and child support.

As you can see there is a lot to consider regarding prenuptial agreements. After you have weighed both the pros and the cons then you need to decide which aspects are most important to you. If you need help with a prenuptial agreement, or you would like to learn more about how it could benefit you, then please contact the Women’s Divorce & Family Law Group in Chicago at 312-445-8830. You can also click here to learn more about prenuptial agreements and click here to contact us online.

This should only be considered as general information and is not intended to be legal advice. Contacting an attorney is always a good idea in these kinds of cases. An Attorney can help you decide what is best for you in your particular case and circumstances.

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