Prenuptial agreements are not only for the wealthy

Celebrity couples and those from wealthy families attract a great deal of attention, especially when they announce their nuptials. Speculation often surrounds the question of how long the marriage will last. Along those lines, rumors often swirl regarding prenuptial agreements. However, these days, a regular Illinois couple may be just as likely as a famous couple to establish a prenup.

In recent years, legal experts have reported a greater than 50 percent increase in prenups. This is not necessarily reflective of increased resources between couples. Instead, it’s more a recognition that they may be entering into a marriage with something of value to them. This can be something as seemingly benign as a pet, but it could also be something that will take on increased value during the marriage.

For example, one-half of a couple may have had a small business before tying the knot. As a marriage progresses, this small company could turn into a profitable business. The laws in some states would award up to half of the value of the business to the other spouse in the event of a divorce. This would be true even if the other spouse took no part in the business’ operation. This is something of value one would want to protect through a prenup if the union were to dissolve.

No one wants to plan, anticipate or count on a marriage to fail. However, going separate ways is sometimes the best for all concerned. A family law attorney can help explain the complex issues facing couples anticipating divorce.