Who you spend your time with is who you become, so choose wisely! – Tony Robbins
The single most important decision you will make in life is who you choose to marry. This singular decision will have the greatest impact on the direction and quality of your future. What would it be worth to your family, friends or children to know if their selection in a spouse is a wise choice, or the biggest mistake of their life before it was too late? That’s why we’ve decided to discuss the importance of Premarital Agreements and hopefully, remove a bit of the negative stigma surrounding prenups in our society these days.
It has been really inspiring for us at FWLLS to witness that Prenuptial Agreements, also known as premarital agreements, are gaining popularity among engaged couples in Illinois, including at our practice in Oakbrook Terrace. These agreements have often been misunderstood and get a bad rap because people believe it would be offensive or uncomfortable to raise the issue, that it may doom a marriage before it has begun, or simply that they aren’t wealthy enough to require one. Yet statistically, there is a divorce in America every 42 seconds and every marriage faces a 40%-50% chance of ending in divorce. So, it might be worth considering what you’re getting yourself into and for a couple to work with a professional to ensure they understand the business of marriage before taking that fateful trip down the aisle.
The research shows that incompatibility and lack of family support are reported as the top reasons that marriages end in divorce. People who listed incompatibility as the primary reason reported a lack of shared values, marrying too young, sexual difficulties, religious differences, and several others as the reasons for getting divorced. In light of those responses and as someone who has a lot of experience in working with people going through the process, I’ve always wondered how people could make such a monumental life decision without ensuring that they are compatible with their partner. After working with thousands of clients going through a divorce and asking what went wrong, patterns start to emerge and the conclusion that I’ve come to is that people aren’t having the difficult conversations and asking the right questions before walking down the aisle and committing to a life-long partnership. At Family, Wealth & Legacy Legal Solutions (FWLLS), we help couples focus on their future, facilitate those uncomfortable conversations, and provide tailored premarital agreement services to help you and your spouse-to-be secure a strong foundation for your future together.
What Is a Premarital Agreement?
A premarital agreement is a legal contract made between two people before marriage that outlines how assets, debts, and other financial matters will be handled during the marriage and in the event of a divorce. This agreement can cover:
- Property Ownership: Determining who owns specific assets and how any premarital property will be handled and managed to maintain its legal character as non-marital. Also, how the couple’s marital property will be managed throughout their marriage.
- Debt Management: Clarifying each spouse’s debts and coming to an agreement related to premarital debt, such as student loans or credit card debt, and how it will be managed.
- Business Interests: Protecting ownership and value of any existing businesses.
- Inheritance: Ensuring that family inheritances remain protected and people understand how to manage any inheritance they receive, so it won’t be considered marital property.
- Financial Responsibilities: Defining how finances will be managed during the marriage, including savings, expenses, investments, children, employment and each couples long-term goals in these areas.
- Maintenance (spousal support or alimony): Establishing an agreement for how spousal support will be calculated, or waived entirely, in the event of a divorce.
Premarital agreements are not just for the wealthy; they provide valuable financial clarity for couples at any income level. These agreements can also be a key part of a couple’s estate planning, offering protection for family assets and future financial security.
The Benefits of a Premarital Agreement Created by FWLLS in Oakbrook Terrace
At Family, Wealth & Legacy Legal Solutions, we have a wealth of experience in both family law and estate planning. Our Oakbrook Terrace premarital agreement services are designed to help you and your future spouse enter marriage with mutual understanding and confidence surrounding the legal and financial impact of marriage. Key benefits of a premarital agreement include:
- Financial Clarity: Clearly defining each partner’s financial rights and obligations helps avoid confusion and misunderstandings.
- Asset Protection: Safeguarding personal and family assets from being divided in the event of a divorce.
- Debt Protection: Shielding one spouse from liability for the other’s debts, such as business loans or personal credit.
- Conflict Reduction: Minimizing potential legal disputes and financial conflicts should the marriage end.
- Future Planning: Facilitating open discussions about long-term financial goals and family planning.
Why You Should Choose Family, Wealth & Legacy Legal Solutions
Our firm takes pride in offering compassionate, personalized legal services. We understand that discussing a premarital agreement may feel uncomfortable, but we are here to guide you through the process with respect and care. Our goal is to empower you to make informed decisions that protect your future. Whether you are considering marriage for the first time or bringing children from previous relationships into a blended family, we will help you create an agreement that aligns with your goals.
We are committed to the residents of Oakbrook Terrace and the greater Chicagoland area. Our legal team will take the time to understand your unique circumstances and craft a premarital agreement that addresses your specific needs. Whether protecting business interests or ensuring your children’s inheritance, we will tailor agreements that provide peace of mind. If you’re a blended family, the need is even greater and you can read more in our articles: Blended Families: 5 Things You Need To Know About Estate Planning For Your Second Marriage and Why Blended Families Need An Estate Plan.
How to Discuss a Premarital Agreement with Your Partner
According to Sky News, many people view discussing financial matters before marriage as unromantic or taboo. While bringing up the topic of a premarital agreement can be difficult, it’s an important conversation to have. Here are some tips to make the discussion smoother:
- Start Early: Begin the conversation well before the wedding to give both partners ample time. Planning a wedding can be stressful and you don’t want to rush through the process or cause any unnecessary stress by waiting until the big day is drawing near.
- Be Honest: Be open about your financial situation, concerns, and expectations. Honesty and understanding your partner’s goals, needs, and desires are essential in marriage. If you find the right professional, the process of creating a prenuptial agreement can be a great opportunity to ensure that you and your partner are aligned in areas of marriage and finances that they may have never considered.
- Focus on the Future: Frame the discussion around planning for your future together and ensuring that your long-term goals are aligned. At FWLLS, it is our goal to allow engaged couples to focus on the future foundation of their marriage and align their goals for decades to come.
- Involve a Legal Professional: Having an attorney involved ensures that the agreement is legally sound and fair to both parties. Although at FWLLS, we do things a bit differently than the run-of-the-mill law firm when it comes to premarital agreements. Rather than focusing simply on what would happen if a happy couple should divorce, it is our goal to focus the conversation on setting a strong foundation for the couple’s marriage to ensure they have thoroughly discussed likely issues that will arise to prevent conflict in their marriage based on decades of experience in dealing with family law matters.
Secure Your Future with Family, Wealth & Legacy Legal Solutions
At FWLLS, we consider the process of creating a premarital agreement a healthy exercise between couples and approach this process drastically differently than most attorneys. Instead of drafting a contract delineating the terms of your future divorce and putting a black cloud over your impending big day, we want to facilitate a discussion that will serve as the foundation for your family’s future. We understand and take seriously that our role is not to create a problem for a happy couple by focusing on their potential divorce, but instead, to facilitate a healthy discussion and focus on their long-term goals to make sure that they are aligned. During this process, we educate couples on the business of marriage and how certain financial decisions can impact what may happen during a divorce, but it isn’t the focal point. Instead, through questionnaires and meetings, we can affirm that a couple is aligned in their life-long goals, aspirations, approach to parenting, finances, religion, and the many other major areas of life that we have seen cause couples to divorce.
If you’re near Oakbrook Terrace and considering a premarital agreement, contact us today or schedule an initial call. Our experienced family law attorney will guide you through the process, helping to ensure that your financial interests and family legacy are protected. Based on the feedback that we have received from past clients, premarital agreements are a proactive way to establish trust and clarity, allowing a couple to enter their marriage with confidence and peace of mind.
Don’t leave your future to chance—schedule an initial call with Family, Wealth & Legacy Legal Solutions to discuss how we can assist with your premarital agreement and help you start building a secure foundation for your marriage and finances.