In America, marriage does not always take the traditional route. The image of two young adults getting married and starting their life together may seem like a common marriage scenario. However, many couples are now choosing to get married later on in life. It is only when they have established their career and become financially independent that they begin looking for marriage. Some Wisconsin couples are entering into their second or third marriage and have gone through a painful divorce in the past. These individuals may be fearful of losing the financial empire that they have worked so hard to amass should a divorce take place later on down the road. Financial experts suggest creating a prenuptial agreement as a way to designate property and asset ownership in the case of a separation. While a prenuptial agreement is like second nature to some couples, others find it rather insulting that their soon-to-be spouse does not trust that their marriage will last forever. With a nearly 50 percent divorce rate, according to the Centers of Disease Control and Prevention, they may be right.

What is a prenuptial agreement?

When people enter into the sanction of marriage, all of their property and assets combine into marital property. This marital property will be equally distributed between the couple through property division during divorce proceedings. If a couple creates a prenuptial agreement, however, the property can be divided as outlined in the legal agreement. Prenuptial agreements can be updated and revised as the marriage moves on, and can even be dissolved if desired.

Who needs a prenuptial agreement?

Many people think that prenuptial agreements are reserved for those who are exceptionally wealthy. Yet, there are many people who can benefit from having a prenuptial agreement drafted previous to getting married. According to an article published by Bankrate.com, some situations that may require an agreement include:

  • When one person owns all or part of a business.
  • When someone many be receiving an inheritance.
  • People who have children from a previous marriage.
  • People who are pursuing a license in a lucrative career field.
  • When one person is wealthier than the other.
  • When one person is providing care to their elderly parents.

Partnering with an attorney

Each party should obtain separate legal counsel while creating a prenuptial agreement to ensure that the document is enforceable. It is also important to use matrimonial lawyers that are established in the state and that are familiar with state prenuptial laws. An attorney will look out for your best interests during the creation of such an important legal document. After all, your future may just depend on the contents of the prenuptial agreement.