When it comes to prenuptial agreements, the general opinion often seems to stem from the negative stigma that anyone who pursues such an agreement must not have much faith or trust in their future spouse. Although this may actually be the case for some individuals, in most cases, this stereotype could not be farther from the truth. In fact, prenuptial agreements can help lay the groundwork for long-lasting and fulfilling marital relationships.

Prenuptial Agreements in Today’s World

Prenuptial agreements are extremely popular nowadays, for multiple reasons. Their popularity is not merely a reflection of the state of marriages in today’s society; they also offer practical advantages that benefit both partners equally. Broaching the topic with your future spouse can feel uncomfortable at first, but if you share a mutual interest in pursuing a prenuptial agreement, it can prove to be a valuable, effective tool as you enter your marriage.

Here are some factors to discuss if you are on the fence about signing a prenup:

Most people have heard of prenuptial agreements, but many consider them something that happens in Hollywood or with other wealthy couples. However, there are quite a few ways in which an “ordinary” couple could benefit from drafting and signing a prenuptial agreement. While you may think that you will never split up, the reality is that a substantial number of all marriages—up to 40 percent or more, according to some estimates—end in divorce.

What is the Purpose of a Prenuptial Agreement?

A prenuptial agreement is primarily a formal way for a couple to decide how their property and assets should be split up in the case of a divorce. As such, it is somewhat like a property settlement that is agreed to before anyone is even thinking about filing for a divorce. It is important to keep in mind that a prenuptial agreement can also address concerns, such as investments and life insurance, that may be applicable during the marriage as well.  

Individuals with property, a business, or a potential inheritance often want to make sure these assets do not become marital property. A prenuptial agreement is one way for both spouses to keep the property they bring into the marriage separate. In a prenup, you can also choose to designate certain assets as marital property, even if they would otherwise be considered non-marital.

The Institute for Divorce Financial Analysts determined that nearly a fourth of all marriages end in divorce due to financial issues — that represents the third most common cause of divorce. With an economic recession upon us and no certain end in sight, the money problems that many married couples usually face are bound to be further exacerbated. Luckily, there are various ways that one can keep their financial concerns from becoming an issue in their marriage.

Open Communication from the Start

Whether it be done before the marriage, by creating a prenuptial agreement, or early in the marriage, by being upfront and honest about financial concerns, open communication can go a long way toward keeping marital finances in check. Couples should avoid making the following mistakes in order to keep this communication present:

• Hiding debts or assets before, during, or after marriage.

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On March 11, the World Health Organization (WHO) declared that COVID-19, commonly referred to as the coronavirus, is enough of a global threat to humanity that it can now be classified as a “pandemic.” As more and more events with large gatherings are getting canceled or postponed, couples planning to tie the knot may be concerned. Here is why weddings are particularly susceptible to the coronavirus and what you might want to consider doing about it, including postponing it and choosing to work on your prenuptial agreement or cohabitation agreement instead.

Why Weddings Are Dangerous Due to the Coronavirus

Although most people have aimed their attention on the cancellation of major events and other public gatherings, including festivals like South by Southwest and Coachella, and sporting events like the NCAA March Madness Tournament, not enough focus has been placed on weddings. Weddings are particularly dangerous when it comes to the coronavirus because:

• Most weddings have large amounts of people crowded into relatively small places.

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Filing for a divorce, legally referred to as a dissolution of marriage in Illinois, can be a burdensome process that requires vast amounts of time, money, and effort from both parties. Ending a marriage requires the division of property, real estate, and businesses, as well as settling issues related to custody of children. Fortunately, some of the disputes surrounding these matters can be avoided through the use of a prenuptial agreement, or prenup. Prenuptial agreements have a negative connotation in some people’s minds; however, many divorce attorneys would recommend this type of agreement for any couple planning on getting married. Taking steps to determine how assets will be divided and how other matters will be settled ahead of time could save countless hours of arguing during the stressful and emotional divorce process.

Planning Ahead

Marriage can have its ups and downs. Even during happy times, it is a good idea to plan for the worst. Making decisions on matters ahead of time can save a lot of time and frustration during an unhappy ending. Listed below are a few possible marital issues that can be addressed in a prenuptial agreement:

• Property ownership

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