A prenuptial agreement could lessen financial impact of divorce

 Posted on January 31, 2014 in High Asset Divorce

Prenuptial agreements are an excellent way to protect your assets as you enter into a new marriage. With a relatively high divorce rate in this country, many Illinois residents are considering their second marriage.

Second marriages can be difficult for many people. For one thing, many couples who are on their second marriage are further along in life and have acquired a greater amount of assets and wealth. They may also have special considerations from the first marriage to consider, such as maintaining control of assets they wish to give to their children, for example. While these issues can be resolved in a high asset divorce, they can be handled much more quickly through the use of a prenuptial agreement.

Many people in their second marriage, then, choose to pursue a prenuptial agreement. A prenuptial agreement allows couples to dictate certain terms of a potential divorce before the marriage begins.

Prenuptial agreements are a difficult topic to broach for many soon-to-be spouses. This is because the prenuptial agreement is often considered just when a couple is planning their wedding. Many are unwilling to commit to a prenuptial agreement, feeling as that it is unnecessary.

According to one family law attorney, the best way to approach the topic of prenuptial agreements is to explain your reasoning. Tell your partner exactly why you want to sign a prenuptial agreement. Be clear about your financial situation and your intentions.

Fiancés should also be sure to propose a prenuptial agreement as soon as possible. Ideally, the agreement should be approved and signed well in advance of the wedding.

Finally, both parties should be prepared to negotiate. Do not expect to get everything you want. Negotiation is a two-way street, and you may have to give some things up.

It may be difficult to start the conversation, but a little effort at the beginning of the marriage can save a great number of complications if it ever ends.

Source: The Huffington Post, "How to Request a Pre-Nup and Still Get Married" Daniel Clement, Jan. 24, 2014