Sometimes, people are reluctant to bring up the topic of a prenuptial agreement with their soon-to-be spouse fearing it will put a damper on their relationship right from the start. However, prenuptials are not just about protecting assets, but more importantly help a couple take part in planning their long term financial goals often creating a more enduring partnership.
If you and your spouse envision a future with some measure of wealth, the discussion can begin by setting goals and milestones to achieve certain tasks such as paying off a student loan to purchasing commercial property to set up your business. There may be certain assets you hope to procure in the future such as family home or a vacation retreat. You may also be thinking of having children and want to send them to the best schools to give them a good start. Whatever your goals may be, the idea is to work together to consider what you hope to achieve in life and how to effectively manage your wealth to get it done.
As you and your spouse discuss your future plans, the usefulness of a prenuptial agreement becomes apparent. Framing a prenuptial agreement as a tool to resolve future conflict when considering your shared goals just makes sense. If you and your spouse foresee a time when you will start a family, not only will you consider how to fund their education, but how to protect the children in the event of divorce. If one of you has dreams of starting a business, your thinking should include how to protect future business partners from a divorce, while compensating the other spouse. If you and your spouse land the house of your dreams, you will want to consider what happens to the house if you break up. Every financial goal you set out to achieve as a team should also have a contingency plan for divorce to protect both parties.
Prenuptial agreements get the conversation started so that you and your spouse can realize your shared financial goals getting you that much closer to achieving them. They also provide a road map on how to handle things if the going gets tough. If you have questions regarding planning your financial future with a prenuptial agreement or post nuptial agreement, contact the Libertyville Illinois family law offices of Ronald L. Bell & Associates PC for more information at 847-495-6000.