We’re Not Rich But We Want Protection – Five Reasons For Why The 99% Get Prenuptial Agreements
Most people are familiar with the concept of a prenuptial agreement. We’ve seen them fought over in movies, spread across the front page of the news and tabloids, and maybe have even heard about them through our own grapevine. In any case, the average person’s experience and knowledge about prenuptial agreements may be quite limited. That limitation most likely extends to hearing about prenuptial agreements in the context of very wealthy marriages and divorces, including those of celebrities, athletes, and the people we know in the 1% income bracket.
However, contrary to public misconception, prenuptial agreements are not only for wealthy people, celebrities, or athletes. In fact, prenuptial agreements may be advantageous for any person or couple that is planning their forthcoming nuptials. While there are many reasons that the average person may want to consider a prenuptial agreement, here are five reasons that people without a ton of assets or wealth may consider a prenuptial agreement:
- They want clarity regarding day-to-day finances during the marriage. Simply put, non-wealthy couples may want to establish up-front who will pay for what during the marriage. Bank accounts, mortgages or rent, bills and other accounts and expenses that will be required for couples to live can be defined at the outset, which may give couples clarity as they enter into their union and merge their lives and finances.
- They have different levels of debt. When one person in the relationship has more debt than the other person, a prenuptial agreement may be desirable to protect the non-debt accruing spouse in case the marriage goes south.
- There is a disparity in earning power. In some couples, one person simply makes more money than the other person. In that case, if the couple ever seeks to get divorced, the couple with the higher earnings may be on the hook for spousal maintenance (otherwise referred to as “alimony”). A prenuptial agreement may protect the higher earner from being required to make spousal maintenance payments, or an agreed-upon amount of spousal maintenance, if the marriage sours.
- They want to ensure children from a different relationship are protected. A person with children from another relationship or marriage may consider a prenuptial agreement if they want to bequeath certain assets to their surviving children in the case that they pass away. A prenuptial agreement can protect the surviving children by establishing how certain assets will be distributed in the case the parent dies.
- They simply want clarity. A prenuptial agreement doesn’t have to be heartless or ruthless. A prenuptial agreement can simply be a legal tool to help couples define what they have and what they want in an agreement before they get married. In the case of divorce, this can be a time and money-saving tool and can avoid a lot of headache and conflict.
Prenuptial agreements have certainly been stigmatized by the media and popular entertainment, but they don’t have to be used as a sword against one spouse by the other. A prenuptial agreement ultimately is a tool of peace and a shield against conflict, stress, and financial drain. If you are interested in crafting a prenuptial agreement prior to your marriage in Chicago, it’s worth it to chat with an experienced Chicago prenuptial agreements lawyer. The experienced prenuptial agreements lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC, offer a confidential consultation to discuss your potential prenup. Contact the law offices of Birnbaum Gelfman Sharma & Arnoux, LLC, today to speak to a lawyer about your prenuptial agreement.