If you own a business prior to getting married, it is only natural that you would think about how your marriage will impact your business assets and operations, even in the happiest and healthiest of relationships. You have likely invested significant time, money, and effort into building the business up to its current state, and want to ensure it remains in good hands throughout your marriage and in the event of a future divorce. One way to protect your business assets is to pursue a prenuptial agreement with your soon-to-be spouse.

Benefits of a Prenuptial Agreement for Illinois Business Owners

Though it may be difficult to broach the subject of a prenuptial agreement with your partner, failing to be upfront with your needs can lead to problems in your marriage later on. An open discussion about finances can clarify where each of you stands and may help you both feel more comfortable about your marriage. For business owners, a prenuptial agreement offers several benefits, including:

No one likes to imagine the worst-case scenario, but in some cases, it can be helpful. When a couple gets married, they can choose to plan ahead in case the relationship deteriorates and ultimately ends in divorce. A prenuptial agreement (prenup) is a legally binding document that outlines how various marital issues will be handled should a couple decide to terminate their marriage. In order to be valid, the terms must be put in writing and signed by both spouses. It states who gets the rights to what property in case a legal separation or divorce were to occur. Previously thought to be appropriate only for those with significant assets or in second marriages, prenups have gained popularity in the past few years. However, it is important to understand what elements a prenup can include and factors that could make it invalid.  

What Issues Does a Prenup Address?

A premarital agreement can include several issues and it can be modified at any point during the marriage if a couple so chooses. Any amendment to it must also be in writing and signed by both parties. Spouses can revoke the prenup entirely, but both of them have to agree to cancel it by stating their intentions in writing and signing it.

Here are a few of the typical terms that are in a prenuptial agreement: 

If you are feeling a heightened sense of anxiety since having the prenuptial agreement talk with soon-to-be spouse, you are not alone. Many engaged couples experience great trepidation when considering the idea of creating a prenuptial agreement. Whether you were the one who had to initiate the discussion because you would like your partner to sign one, or you are the one who was asked to sign, the subject of prenups and hypothetical divorce can be touchy and downright uncomfortable for both parties in a relationship.

The Marriage Business

One of the most obvious reasons the concept of a prenuptial agreement is so uncomfortable for some is that the idea seems to imply by signing one, you are essentially planning to divorce before you are even married. The mere mention of a prenup can be offensive to a person, making the conversation about whether or not to sign very difficult. It is natural to feel as if you need to tread carefully with the discussion. However, every couple, regardless of circumstance or which stance they take on the subject, can benefit from reminding themselves what psychology experts reiterate for us all: Marriage is a business relationship, whether we like it or not.

Here are three reasons engaged couples experience serious apprehension over the idea of signing a prenuptial agreement: