Why You Need a Prenuptial Agreement

 Posted on August 12, 2015 in Prenuptial & Postnuptial Agreements

Many people are under the impression that prenuptial agreements are only for celebrities or those who are entering their second and subsequent marriages. The truth is, a prenuptial agreement is an important document for any engaged couple to sign. A prenuptial agreement states the intended ownership of each of the couple's assets as well as the couple's financial decisions, such as whether or not they open a shared savings account or whether either partner may be held responsible for the other's college debt.

Drafting and signing a prenuptial agreement is easy. You and your partner determine the items you would like to include in your prenuptial agreement, then work with an attorney to draft and sign the document. This document does not have to be submitted to the court or otherwise filed with a government authority to be valid.

Topics to Include in a Prenuptial Agreement

A prenuptial agreement may only include financial and property issues. Some examples of topics that a prenuptial agreement may cover include the following:

• The couple's plan for their home in the event of divorce. For example, one party might buy out the other's share;
• Whether either partner waives his or her right to seek spousal maintenance after their divorce; and
• Whether either partner is required to help pay for the other's college or vocational training costs.

Requirements that cannot be legally enforced, such as how many children the couple will have or any type of career requirement for either partner, may not be part of a prenuptial agreement. A prenuptial agreement also may not require either partner to engage in illegal activities. If the court finds that either partner was forced or coerced into signing the prenuptial agreement or was not made fully aware of his or her partner's assets and finances before signing, the agreement may be found to be invalid.

How a Prenuptial Agreement Can Protect Your Assets

If you have children from a previous relationship, you can state in your prenuptial agreement that they have the right to claim certain benefits from your estate after your death. If you are providing for a former spouse or other dependent, you can include their rights to your assets in your prenuptial agreement as well.

If you are a business owner, it is very important that you sign a prenuptial agreement before marrying. It is important that you have both your and your partner's rights to the business and its profits in writing before you marry. During your marriage, your business may be considered to be marital property if it was your main source of income.

Divorce Attorneys in Kane County

There is nothing unromantic about protecting your assets in the event of a divorce. You also want to make sure that your children are provided for after you pass away. Take control of both of these issues by drafting and signing a prenuptial agreement with help from an experienced marital attorney. To start this process, contact Goostree Law Group at 630-584-4800. Our team of skilled Kane County family attorneys can help you with your prenuptial agreement and any other marriage-related legal needs.