While most wedding trends include things like hairstyles, locations, and colors, a new and different sort of trend has entered the scene recently. It is known as the prenuptial agreement. Of course, they have always offered potential benefits to marrying couples; they just have not ever been all that popular. Instead, they were considered one of the least romantic ways to tie the knot. Now they are the norm. What has changed? The following explains.
Difficult to Value Property
Traditionally, prenuptial agreements covered straightforward assets – or assets that are easy to value: homes, cars, incomes, collections, and family heirlooms. More recently though, they have been extended to include concepts and ideas, such as copyrights, trademarks, and software applications. These types of assets are known as intellectual property, and they can be difficult to value in divorce. Using a prenuptial agreement prior to the marriage can clarify who owns the intellectual property, and it can set parameters on what the joint or non-owning spouse may be entitled to there are ever any proceeds from the asset. At the very least, it can keep a non-owning spouse from selling an idea that does not belong to them during the divorce process.
Subsequent Marriages and Prior Children
Not every couple who signs a prenuptial agreement is heading into their first marriage or serious relationship; some have previous marriages and previous children. Others just have previous children. In both situations, a prenuptial agreement is not only smart, but it may also be necessary. For example, if you or your soon-to-be spouse have an insurance policy that is set up as a fail-safe for child support payments, should you or they die before the child turns 18, then a prenuptial agreement may be needed to protect this policy, should the two of you divorce. Alternatively, you or your soon-to-be spouse may wish to ensure that assets designated to children are never included in the marital estate (i.e. a trust or family heirloom).
High Net Worth Couples
Though high net worth couples are far from a “new” issue, they are becoming more common. Perhaps this is due, in part, to the increasing number of women entering the workforce. Or maybe it is simply an indication of a thriving new generation of adults. Whatever the reason, it is highly advised that couples with a high net worth protect their assets and financial futures with a prenuptial agreement.
Contact Our DuPage County Family Law Attorneys
It can be difficult to think of every worst-case scenario when you are in a happy and healthy relationship. Thankfully, there is help available. Contact Mevorah Law Offices LLC for personalized and experienced assistance with your prenuptial agreement. Call 630-932-9100 and schedule your free consultation with our DuPage County family law attorneys today.
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