Prenuptial Agreements Becoming Essential Part of DuPage County Marriage
Wheaton Law Firm Provides Custom Premarital Agreements
When a couple decides to get married, there are numerous tasks that need to be completed before the wedding. Plans sometimes have to be made years in advance to make sure that all of the preparations can be finished by the time of the ceremony.
While this is usually a very happy time, unfortunately, not all marriages work out. When a marriage fails, couples who failed to plan for the future sometimes find themselves in difficult situations. With divorce rates remaining high, many of those planning to marry are making a prenuptial agreement an essential part of their marriage preparations to protect each individual's financial future.
Recent Increase in Prenups
The American Academy of Matrimonial Lawyers consists of family law attorneys from across the U.S. A recent survey of AAML member attorneys reports that 73 percent of respondents had an increase in couples who are obtaining prenuptial agreements. Additionally, the number of women asking for prenuptial agreements is rising. Fifty-two percent of attorneys in the study report that women are requesting these types of agreements prior to marriage.
Attorneys point to several reasons for the rise in those pursuing prenuptial agreements. Both men and women are older when they enter into a first marriage. A person may acquire significant assets that he or she will be bringing into the marriage which need to be protected. One of the individuals may own a business that is not only an asset, but a potential liability to the other spouse. Both individuals may have already acquired significant assets or debts and both individuals believe it is in their best interests to address these assets and liabilities. Also, those who decide to get married a second time are already familiar with what can happen, many have children that they want to financially protect, and are electing to take the necessary steps to minimize the uncertainty in divorce proceedings.
With the increase in prenuptial agreements, the attitudes toward prenuptial agreements are slowly beginning to change. No one ever plans to get divorced, and these agreements used to be considered an awkward first step in a marriage and starting a life together. Couples today believe that a prenup is not a sign that a marriage will end, but rather a plan in the unlikely event that a divorce becomes necessary. Couples look at a prenuptial agreement as eliminating uncertainty and creating a better understanding of each person's financial future in the unlikely event that the couple divorces.
Even if you think you do not need a prenuptial agreement, you may not be fully aware of the assets you have or the assets and liabilities your future spouse may have. Family businesses, retirement plans and real estate are all potential assets that may be covered in a prenuptial agreement. Student loans, credit card debts and other liabilities may also be addressed. If you are thinking of marriage, contact an attorney in your area to discuss your situation. Knowing what to do to protect yourself could make your life much more stress-free in the future. The family law attorneys at Andrew Cores Family Law Group can help you understand the benefits of a prenuptial agreement and assist you in determining whether a prenuptial agreement is right for you.