Do I need a prenuptial agreement? 5 reasons to get one.

An engagement is a beautiful life event that often is cause for celebrations with friends and family. In addition to planning for the wedding and celebratory events, planning for your financial future is an important consideration that can be addressed with a prenuptial agreement.

5 reasons to use a prenup

As you consider a prenup, here are five reasons why you may want to use one:

1. You own a company and want to set up your business for its future. You want to ensure the future of your business’ assets and stability. Your professional life can be financially shielded from your personal life. A prenup ensures that all assets get divided properly up front.
2. You have family from a previous marriage. You may still have a financial obligation to your children and loved ones from a previous marriage. A prenup can draw very clear lines to decide what money goes where.
3. Protection from debt. Debt isn’t always a bad thing – many times people who get married after college and before graduate school have student loans. These can be paid off in a timely manner and can be contributed to in a responsible manner, but deciding who is ultimately responsible for these costs can be clarified in a prenuptial agreement.
4. You want to plan for the future of your estate. A few things are certain in life, and you want to make sure that you and your heirs are taken care of at the time of your death or if unexpected something happens which results in your incapacity. The ability to decide what happens to your finances in these situations can be safeguarded in a prenup.
5. You plan to leave your children an inheritance. Though much of this can be determined with an estate plan, a prenup can ensure your hard-earned savings are protected in the case of a divorce.

These are just five reasons, and you may certainly think of more. You can’t predict how life goes. What you can do is prepare for the uncertainty of the future with responsible and thoughtful plans. Speaking with an experienced Chicago prenup attorney can help you understand your options.