Tag Archives: Hinsdale prenup lawyer

IL divorce lawyerPremarital agreements are legal contracts that dictate the division of assets and debts in divorce, and they can also address a number of other legal issues. However, as the millennial generation is getting older and starting to think about marriage, many of them are considering drafting a prenuptial agreement before the wedding. These premarital agreements cover all the same issues as those drafted for previous generations, but they are also slightly different. Below are the main ways these premarital agreements differ from those written for older generations.

Millennials Are More Likely to Get Premarital Agreements

For the past few years, more millennials have been writing premarital agreements than generations past. Perhaps younger couples do not see them as the romance killers that previous generations did, or maybe they simply understand the importance of these legal contracts better. Whatever the reason, more millennials are getting premarital agreements, and that is definitely a positive sign.

Millennials Have More Assets

Millennials may not have accumulated more assets than people twice their age, but they generally do have more to protect at the time of marriage. Millennials tend to marry later in life when they have established careers and as such, have accumulated a greater amount of assets. This is vastly different than other generations that often got married right after high school or college. After accumulating all of these assets, it is not hard to understand why more millennials are writing premarital agreements to protect them.

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IL divorce lawyerMore and more people write prenuptial agreements every year, realizing that these documents will protect them in the event that the marriage ends. However, there is a lot that goes into a premarital agreement and if you make a mistake, it may not offer the protection you were counting on. Below are the most common mistakes people make when drafting a prenup, and how to avoid them.

Failing to Broach the Subject

You may feel as though talking about a prenuptial agreement is not romantic, but the truth is that a conversation can make both you and your partner feel more secure in the marriage. People fail to talk about their financial situation prior to their wedding far too often. When creating a prenuptial agreement, you must be fully open and honest with each other, which can eliminate arguments about finances that lead to divorce in the future.

Bringing up the subject of a prenuptial agreement does not have to be uncomfortable. Have the discussion as early as possible and emphasize that the agreement will protect both of you in the future, and prevent a lot of headaches, if necessary.

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IL family lawyerYou may understand the benefits of a prenuptial agreement. You may have even decided that you would really one before the wedding day. However, you have no idea how to ask your soon-to-be spouse. You do not want them to think that you’re already planning for a divorce, or that you do not trust them. So, how can you ask them for one and still continue preparing for the big day? By following the four tips below.

Do Not Demand It

Sometimes it is all in the way that you ask for something that makes a big difference. Do not demand that your fiancé signs an agreement. Statements such as, “You will have to sign a prenuptial agreement,” or “I do not think we can get married if you do not sign a prenuptial agreement,” come across as very demanding. Your fiancé will likely become defensive, which could lead to a fight you were hoping to avoid when bringing up the subject. Rather, ask your partner to have a conversation with you about a prenup and the benefits it could bring to both of you.

Be Honest

Many people have some kind of fear about the future when they are about to get married, even when they know it is the right decision. Likewise, many people do not want to convey these fears to their partner because they do not want their partner to think they are having doubts. It is always best to be honest about your feelings, any fears you have, and to let your fiancé know that you have certain assets you would like to protect. Dishonesty will only add to the tension of the conversation.

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IL divorce lawyerPrenuptial agreements can be used for a variety of marital reasons, and one of those reasons is for debt protection. The average American has more than $38,000 of debt, and this does not even take into account home mortgages. Millions of Americans are so deep underwater on their mortgages and other loan payments that they are will likely end up being in debt until the day that they die.

Surprisingly, Americans are taking on more debt each and every year, despite knowing the consequences. Credit card debt is now tied with home mortgage debt, followed by student loans and car loans. The later comes as little surprise when the average new car price tag comes in at more than $37,000. The last thing that you want to do when you marry the love of your life is to begin worrying about your spouse’s high debt and financial troubles. After all, financial turmoil is one of the most common stress points in marriage.

Will a Prenuptial Agreement Protect Me from My Spouse’s Debt?

Debt acquired before marriage is not the legal burden of the other spouse. If your soon-to-be-spouse has a $40,000 in student loans, you will not suddenly be responsible for that debt when you marry. Similarly, if your spouse fails to make timely payments on that debt, your credit score will not suffer as a result. However, if you are a co-signer with your spouse onto a credit card or other type of loan, you will be held financially responsible for that debt, even if you end up not doing any of the spending.

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