Tag Archives: premarital debt

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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Illinios prenuptial lawyer, Illinois divorce attorneyFor anyone who follows the glitz and glam of the Hollywood crowd, there is no doubt prenuptial agreements have always been a mainstay on Hollywood Boulevard, but has the prenup finally traveled to Main Street, U.S.A.? The answer, yes as it is now notable that prenuptial agreements are not reserved for the rich and famous. It is estimated that more prenup agreements are being drafted at the request of 46 percent of women nationwide.

As researched as far back as 2010, an interactive Harris poll revealed that 44 percent of all singles and 49 percent of all couples who enlisted the assistance of a prenuptial agreement attorney believed that a prenuptial agreement was not only a good idea but an integral part of the wedding plan process. Fifteen percent of those polled had wished they had opted for one.

The following six factors may prove the most influential as the landscape of prenuptial agreements undergoes a territorial expansion.

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