August 9, 2016

Protected by a Prenuptial Agreement

Premarital agreement

Marriage can bring about immense happiness and an enduring partnership. In this day and age where assets can be complicated and investments can be extensive, a certain level of protection of your belongings becomes another financial consideration to make. This is where a prenuptial agreement comes into play.

A prenuptial agreement, simply stated, is an inventory of each person’s personal assets. The agreement is put in place so that the assets will remain with their owner in the event of divorce. In a typical divorce, assets would usually fall under equitable distribution and be divided in ways based on many different factors including, how long the marriage lasted, what each spouse contribute during that time and even taking into account the earning power of each of the spouses.

If you are considering such an agreement, obtaining advice from an experienced family law attorney is advisable. They will know the intricacies of drafting this type of agreement. There are many reasons for a prenuptial agreement, and affording yourself the best protection for your earned efforts, is important.

Why Would You Need A Prenuptial Agreement?

The question of a prenuptial agreement is not reserved just for high profile celebrity couples with huge wealth, but for anyone wanting to protect themselves in the event of divorce. It helps ensure added stability to their financial security. Divorce can bring about many complicated and stressful issues and the discovery of additional assets or even debt can determine how property is divided.

Here are some reasons spouses have decided to obtain a prenuptial agreement to protect the assets they bring to a marriage:

  • To have the financial capacity to support children from a previous marriage as well as your new family when you remarry;
  • If you earn significantly more than your partner, to demonstrate that the marriage is entered into genuinely on the part of your partner;
  • Marrying someone heavily in debt, so you do not become liable for their debt if your marriage dissolves;
  • If you own a business, preventing your share potentially being shared by your former spouse; or
  • If you leave a working career to raise children, to ensure the obligation to support them is shared.

Of note is the fact that now that many women are now the main breadwinners and there has been a notable increase in the numbers of females nowadays requesting a prenuptial agreement from their soon-to-be husband.

Legal Experience Counts

Prenuptial agreements can be a complicated process when determining what constitutes separate property. This is why you should contact an experienced DuPage County family law attorney to assist you. The attorneys at Mulyk Laho Law, LLC, have the depth of knowledge to ensure that your property is cataloged and protected. Our firm can draft and modify prenuptial agreements to best serve your needs. Contact an experienced family law office, to discuss how we can work in your best interests to protect your hard earned property.