Prenuptial agreements have a reputation of being unromantic. Some may even go as far to say that prenups show a lack of commitment to a marriage. However, this reputation is undeserved. In fact, a prenup can protect you and your loved ones in a variety of ways.
Protect the family business
Take, for example, married business partners. The family business can be protected through a prenup to the benefit of the couple’s respective interests in the business should they divorce. However, the business itself also benefits from having a continuity plan established should the business outlast the marriage.
Protect children from a previous marriage
Another example is that of the blended family. It is not unusual these days for a parent to remarry after a divorce. A prenup can protect the interests of children from a previous marriage by allocating assets to them in the event of divorce or death, not unlike a trust.
Protect the less-monied spouse
In addition, you do not need to be wealthy to benefit from a prenup. While people who are entering a marriage with significant assets in their name will want to protect their interests through a prenup, those of lesser means can still benefit from one. For example, if one spouse earns significantly less than the other, there can be issues if their spouse passes away or if the marriage does not last. A prenup can address both these topics, ensuring assets are left to the non-monied spouse who otherwise might be left out of a will or trust.
Prenups are a good idea for many in Illinois
Ultimately, prenups are about more than just divvying up property in the event of a divorce. All family dynamics are different whether it is your first marriage or a subsequent one. Prenups can address the family business, inheritances and more, in addition to addressing the possibility of divorce, making them a good investment to undertake before walking down the aisle.