A prenuptial agreement — a written contract a couple creates before they wed — was once deemed necessary only for the fabulously wealthy. Today, however, prenups are gaining in popularity, even beyond the rich. A 2013 survey of family law professionals who specialize in matrimonial issues showed 63% of respondents reporting an increase in prenuptial agreements. But why are these contracts becoming the norm — and do you need one?

Also known as an antenuptial or premarital agreement, a prenup aims to protect the rights of each partner if they end their marriage down the line. Financial rights and responsibilities are part of this. Even if you and your significant other aren’t wealthy now, you never know where you might end up. Deciding what to do with assets you possess going into the marriage, as well as those earned once together, is critical.

As any family law expert will tell you, prenuptial agreements are about more than the money. They can also address rights to property and inheritance. This is especially important if you’re entering a marriage with children from a previous relationship. Without a document clarifying that your offspring get part of their assets, they may otherwise pass directly to the spouse.

While it’s unpleasant to consider, a prenup also helps avoid arguments if you face a divorce. The contract can specify issues like alimony in advance, for instance. This document will lend clarity in a stressful time, and help expedite the otherwise tedious divorce process.

If you don’t make a prenuptial agreement, your state’s laws determine who owns properties and assets acquired during the marriage. In the absence of a legal document specifying otherwise, a spouse not only has a right to these things — they can also incur liability for debts. Without a prenup, you are automatically ceding some control of what happens in the event of a divorce to state laws.

If you’re interested in a prenuptial agreement, have the contract drafted by a skilled family law professional. For help in Wisconsin, look to Arndt Buswell & Thorn S.C. These attorneys have served local clients for more than 25 years. Find out more about their practice areas, from bankruptcy to real estate law and more, online. For a consultation, call (608) 269-1200 for Sparta and (608) 486-2324 for Bangor, WI.