What Should I Address in My Prenuptial Agreement?

 Posted on August 28,2019 in Family Law

Prenuptial agreements have become more common than ever, yet many couples continue to tie the knot without this form of additional security. There is a preconceived notion that prenuptial agreements are only beneficial for the wealthy; however, every couple can benefit from a prenup. A prenuptial agreement is a legal document that outlines how certain issues will be handled if the couple ever files for divorce. The agreement must be signed by both parties, of their own free will, before the wedding takes place. There are many things that you can include in a prenuptial agreement, and it is important that you consider all of your options before you sign it.

The Engagement Ring

One of the basic purposes of a prenup is to protect your personal property from being considered marital property in the event of a divorce. Since the engagement ring is given prior to the marriage, it is technically the property of the receiving spouse. In order to protect this asset, you should have your ring appraised to know its financial value, then include it as one of your personal assets.

Your Pets

Another thing that many couples do not plan for beforehand is the placement and ownership of their pets post-divorce. Many people consider their pets to be part of the family, so they can easily become a point of contention in a divorce. You should list any pets in your prenuptial agreement and clearly state who will care for that pet, both physically and financially.

Your Business

Though it may seem obvious to some, it is important for all business relations to be outlined in your prenup. If either you or your spouse own a business prior to the marriage, you should clearly state who owns the business and who will be entitled to the business after the divorce. You should also be sure to include how an increase in the value of the business will be handled. If you do not include information about an increased value in business interests, your spouse may be entitled to a portion of that value.

A DuPage County Prenup Attorney Can Help

Though it may seem foreboding to prepare for a possible divorce, this can be a good precautionary measure to take for many couples. A prenuptial agreement can save you a lot of time and reduce contention in the divorce process if your marriage ever comes to that. At the Goostree Law Group, we have the knowledge and experience to help you create a prenuptial agreement that protects your assets and will benefit both you and your spouse. Call our Wheaton, IL prenuptial agreement lawyers today at 630-364-4046 to set up a free consultation.

Sources:

https://www.brides.com/story/forgetting-to-include-in-your-prenup-from-a-divorce-lawyer

https://www.nerdwallet.com/blog/finance/protect-assets-without-prenuptial-agreement/

https://www.business.com/articles/protecting-your-business-with-a-prenup/