May 11, 2015

Are Your Prenup Fears Unfounded?

Division of Property, Illinois family law attorney, Marriage, Premarital agreement

The stigma surrounding divorce may be tapering; however, the idea of a prenuptial agreement still causes many to run away scared.

The suggestion or insistence of a prenuptial agreement may be viewed as a sign that one’s partner plans to end a marriage early, or is not in it—so to speak—for the long haul. It may also be interpreted as one partner having a lack in trust in the other. An article in The New York Times even goes as far as suggesting that if a couple wants a prenup, they might be better off simply cohabitating and skipping marriage all together. The article cites statistics showing that couples who are more generous in their marriage, and who have a dim view of divorce, are much happier than couples who are more interested in looking out for personal interests. Yet this is a dim view of one of the most important documents a couple can agree upon early in a marriage.

Business Insider advises that a prenup is not based solely on income or asset considerations in a marriage. The deeper psychological implications of agreeing to a prenuptial agreement paves the way for a marriage to be based on upfront, honest, and open communication.

The agreement is not just about finances during an impending marriage—it can also delineate how a couple will deal with the finances they each independently bring to the union. If, for example, one partner has significantly more debt than the other, a prenuptial agreement can segregate debt obligations and determine whose income will be used to pay them. This, in turn, can help create a smoother transition to laying out a financial plan to contribute to household expenses, according to Business Insider.

If you or someone you know is considering marriage and has questions about a prenuptial agreement, please contact a DuPage County family law attorney today. We are available to answer your questions and address your concerns.