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Why Get a Prenuptial Agreement?

By Leslie Fineberg on January 3, 2025

Marriage is an exciting milestone, but it also comes with financial and legal considerations. One important step couples should consider before tying the knot is a prenuptial agreement (prenup). While some view prenups as unromantic, they are actually practical tools that provide financial clarity and protection for both parties. At Nottage and Ward, LLP, we help couples navigate the complexities of prenuptial agreements to ensure their future financial security.

What Is a Prenuptial Agreement?

A prenuptial agreement is a legally binding contract entered into before marriage. It outlines how assets, debts, and other financial matters will be handled in the event of divorce or death. Contrary to common misconceptions, prenups are not only for the wealthy; they serve as a safeguard for anyone who wants to protect their assets, family inheritance, or business interests.

Key Components of a Prenup

• Division of property and assets
• Spousal support agreements
• Debt protection
• Inheritance rights
• Business and professional practice protection

Common Reasons Couples Choose to Get a Prenuptial Agreement

A prenuptial agreement is a valuable legal tool that helps couples establish clear financial expectations before marriage. While many people associate prenups with wealth, they can benefit couples of all financial backgrounds by providing protection and clarity. Whether ensuring fair asset division, protecting business interests, or safeguarding children from previous relationships, a prenup sets the foundation for financial security. Here are some of the key reasons why couples choose to enter into a prenuptial agreement before saying, “I do.”

Protecting Personal Assets

A prenuptial agreement ensures that any assets owned before the marriage remain separate property. This is particularly important for individuals with significant savings, real estate, or family heirlooms they wish to preserve.

Clarifying Financial Expectations

A prenup promotes financial transparency, allowing couples to discuss expectations regarding property ownership, expenses, and debt responsibilities. This can prevent future conflicts and misunderstandings.

Preventing Lengthy Legal Battles

Divorces can be financially and emotionally draining. A well-drafted prenuptial agreement can streamline the divorce process by outlining asset distribution in advance, reducing costly litigation and stress.

Safeguarding Business Interests

Entrepreneurs and business owners can use a prenuptial agreement to protect their company from becoming entangled in a divorce settlement. Without one, a spouse may have a claim to part of the business.

Protecting Children from Previous Relationships

For individuals with children from a prior marriage, a prenup can help ensure that inheritance and financial assets are preserved for them rather than being subject to division during a divorce.

Avoiding Responsibility for a Spouse’s Debt

A prenup can protect one spouse from assuming responsibility for the other’s pre-existing debts. This is especially relevant for student loans, credit card balances, or business liabilities.

Misconceptions About Prenuptial Agreements

Many people hold misconceptions about prenuptial agreements, often believing they are only necessary for the wealthy or that they indicate a lack of trust between partners. In reality, prenups serve as practical financial tools that benefit couples of all backgrounds. They provide legal clarity, prevent conflicts, and establish a foundation for a secure financial future. Below are some of the most common myths about prenups and explanations for why they can be an essential part of marriage planning.

Only for the Wealthy

Prenups are beneficial for couples of all income levels. They can help define how debt is handled and protect assets accumulated during the marriage.

Prenups Show a Lack of Trust

A prenuptial agreement is not about distrust—it is about open communication and future planning. Discussing finances before marriage strengthens a couple’s understanding and expectations.

Prenups Only Matter in Divorce

While prenups are commonly associated with divorce, they also provide financial security in case of death or other unexpected life events.

Legal Considerations When Drafting a Prenuptial Agreement

When drafting a prenuptial agreement, it is essential to consider the legal requirements to ensure its enforceability. A well-structured prenup provides clarity and protection, but if not properly executed, it may be challenged in court. Couples should work with experienced legal counsel to navigate the complexities of prenuptial agreements and create a fair, legally sound document that meets their needs. Below are key legal aspects to keep in mind when drafting a prenup.

Ensuring the Agreement is Enforceable

To ensure that a prenup holds up in court, it must be:

• Voluntarily signed by both parties
• Fair and reasonable
• Based on full financial disclosure
• Reviewed by independent legal counsel

When a Prenup Might Be Challenged

Prenups can be invalidated if they are signed under duress, contain fraudulent information, or are deemed unfair by a court. This is why working with an experienced attorney is crucial.

How to Talk About a Prenuptial Agreement with Your Partner

Discussing a prenuptial agreement with your partner can feel like a sensitive topic, but approaching it with honesty and transparency can strengthen your relationship. A prenup is not about expecting a divorce; it is about establishing clear financial expectations and protections. By having an open conversation, couples can ensure they are on the same page regarding their financial future and avoid potential conflicts down the road.

Approaching the Conversation

• Choose a calm and open setting.
• Emphasize financial transparency and planning.
• Highlight that the prenup is about protection for both partners.

Timing of the Discussion

It is best to bring up the idea of a prenup well before wedding planning begins. This allows for thoughtful discussion and eliminates the pressure of last-minute decision-making.

Consulting a Legal Professional

A lawyer can ensure that a prenuptial agreement is legally sound, fair, and tailored to your specific needs. At Nottage and Ward, LLP, we specialize in crafting prenups that protect both parties while fostering a strong marital foundation.

The Role of a Family Law Attorney in Drafting a Prenup

A Chicago family law attorney plays a crucial role in drafting a prenup that meets all legal requirements and addresses each party’s concerns. They can help:

• Ensure full financial disclosure so both parties understand the agreement.
• Negotiate fair terms that benefit both spouses.
• Address state-specific legal requirements to enhance enforceability.

Get Started with Your Prenuptial Agreement Today

A prenuptial agreement is a responsible step toward financial security and relationship clarity. Whether you are protecting personal assets, clarifying financial roles, or securing your children’s future, a prenup offers peace of mind. By addressing financial concerns upfront, couples can enter marriage with confidence and mutual understanding.

If you are considering a prenuptial agreement, you can get legal help from the experienced lawyers at Nottage and Ward, LLP. We will guide you through the process to ensure your prenup is fair, legally enforceable, and customized to your needs. Call us today at (312) 332-2915 to schedule a consultation.