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Planning a wedding? Consider a prenup as well

There was once a time when a prenuptial agreement was something that only very wealthy people and celebrities sought before marriage. However, with the national divorce rate still hovering at 50% of marriages, prenuptial agreements are becoming more popular than ever among Chicago couples.

Some may wonder why prenups are increasing in frequency among young couples who are marrying for the first time. After all, if they come into a marriage with nothing, why have a prenup? In actuality, young couples are waiting longer before heading to the altar. Current trends show that more couples are waiting until their late 20’s and early 30’s before getting married. This means that there is a greater likelihood that each of the parties to the marriage has accumulated some assets beforehand. Prenups may protect the rights of the original owner of the assets in the event that the marriage dissolves.

There are other items of value that may accompany a person into a marriage, including tangible and intangible assets. Intangible assets cannot be physically grasped, but can be affected by such things as marriage. Examples include oil and mineral rights, and accrued income such as royalties. By securing how these assets will be distributed in the event of a divorce, couples can enter into their marriage with full assurance that the 50% divorce rate will not adversely affect their valuables.

Unfortunately, some couples try to cut corners in preparation of a prenup. They may write out an agreement and have their signatures witnessed in front of a notary, but it is difficult for such an agreement to hold up in court. The best solution for obtaining a prenup that may withstand litigation is to consult with an attorney who is experienced in matters of family law. A lawyer such as this has likely encountered many types of property settlements that arise from divorces, and thus may offer the best guidance for preparation of a prenup that is fair and solid.

Source: CBS News, “Why a prenup may be right for you“, Mellody Hobson, May 29, 2013