Talk of a prenuptial agreement used to be a taboo subject–one that when discussed could cause bad feelings and conflict between soon-to-be-spouses. But thanks to the younger generation, they are becoming more common and less unthinkable.
A prenuptial agreement, also called a prenup, is a legal document that outlines a framework for a couple’s financial expectations and responsibilities in the event of a divorce. A prenup can safeguard your property, make your financial intentions transparent and ease any tension between you regarding money.
Young adults are getting married at an older age and may have more assets to consider and protect. Additionally, both spouses are working, so it’s mutual protection and they look at it as more of an insurance policy. A marriage is a relationship, but it’s also a legal contract, so it’s a good idea to protect it as such.
Who should get one?
A prenup isn’t just for those with high assets. You may want one if:
- There’s a large discrepancy between your incomes or wealth.
- You own a business.
- You have children from a previous marriage.
- You are paying spousal support from a previous marriage.
- One of you has significant debt.
Marital property division in Wisconsin
When marital property is divided in Wisconsin, it’s divided 50/50. Anything acquired during the marriage is considered marital property and subject to property division unless it’s excluded specifically in a prenup. With that in mind, having a prenuptial agreement can protect you and your assets while keeping your financial expectations clear.