Surrounding the idea of two people getting married, a word is commonly thrown around: prenup. Especially in the cases of celebrities and very wealthy individuals, you’ll often hear people questioning “whether they’re going to get a prenup?” But what is a prenup?
A ‘prenup’ is short for a prenuptial agreement or a premarital agreement. These documents are a common legal step taken before marriage that establishes, before being wed, the property and financial rights of each spouse in case of divorce later on. Since these documents are a plan for what will happen if a divorce happens, these are often looked at with a negative stigma in that people shouldn’t be “planning” for a divorce when they’re getting married. However, while people may not be planning to get divorced, around one half of marriages do end in one and ignoring this can make things much harder in the long run.
There’s also another stigma surrounding prenups that makes people believe they’re only used to protect the wealthy. Prenuptial agreements, on the contrary, do much more than just to protect wealthy individuals. They’re also used to:
- Determine how property will be passed upon death
- Protect family businesses
- Protect one party from assuming the other’s debts
- Make clear the financial rights and responsibilities during the marriage
Beginning a discussion about prenups with a loved one can be difficult, but we can help. With the experience of our Lake County family law attorney, we can help you understand your options and figure out what course of action will be best for you pre-marriage. Learn more about our Lake County family law attorney at GoldsteinFamilyLaw.com.