Tag Archives: prenup

Illinois divorce lawyerA prenuptial agreement is a legal contract made by a couple before they get married that outlines how assets will be split in the event that their marriage ends, Often times, couples are hesitant to get a prenuptial agreement because of the negative connotations attached to it. They believe that if they get a prenuptial agreement, they are expecting their marriage to fail.

However, this is far from the truth as the purpose of a prenuptial agreement is to provide spouses with a financial safety net if their marriage does not work out. Although a prenuptial agreement may never be used, it’s a smart decision for couples to get one prior to getting married. Here are five reasons you should get a prenuptial agreement with your soon-to-be husband or wife:

1. You Are Wealthier Than Your Spouse

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Illinois family law attorney, Illinois divorce lawyerYou and your betrothed are hearing wedding bells and making plans for a long life of wedded bliss. Marriage is a legal and formal obligation to each other, where two lives become permanently entwined, as do all of their assets, debts, and income. Many consider a prenuptial agreement before signing up to mix everything together. Also known as a premarital agreement or a “prenup,” a prenuptial agreement is not just for the wealthy or those protecting their assets. The agreement also enables a couple to add clarification to economic rights and obligations as well as create a plan for inheritance, especially in situations involving children from previous marriages. It is best to create a plan for these items while everyone is happy and in love, well before anything unfortunate occurs, such as a divorce. If possible, try not to wait until the last minute before tackling this checklist to add to your agreement.

Everything Premarital

From your debts to your assets, everything you accumulated during your single life needs consideration. After you make the extensive list, you must then determine what to do with them in the event of a divorce. Do they return to separate property or are they included as a part of the marital assets, a true, “what’s mine is your’s” situation? Doing so not only helps you both become aware of the financial standing but also lets you know what to accomplish together and what to work out separately during the marriage.

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Illinios divorce attorney, Illinois family law attorney, divorce statistics,Many people are familiar with the often-quoted statistic that half of all marriages end in divorce. Multiple studies from the 1970s and 1980s verified that number. However, a recent study suggests a 50 percent divorce rate has not been true for many decades. In fact, new research indicates that nearly 70 percent of all marriages begun in the 1990s reached 15-year anniversaries. Some experts believe these trends will continue, which could result in roughly two-thirds of all marriages remaining intact.

Researchers give multiple reasons for the decline in the national divorce rate. One reason is that, generally, more people are getting married at a later age as opposed to previous generations. Additionally, attitudes towards traditional gender roles have shifted, so more couples share in both monetary contributions and housework. Research also reveals that more couples marry for love instead of marrying due to social or economic pressures. For all of these reasons, it appears that nationwide divorce rates may continue to drop despite a steady rise in the 1970s and 1980s.

While there appear to be fewer divorces now than in previous years, couples should still consider the reality of what happens should their own marriage end in divorce. Like all family law disputes, divorces can be quite contentious due to high emotions and stress. Many divorcing spouses are especially concerned about their financial well-being, and what will happen after the divorce is finalized.

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Illinios divorce attorney, Illinois family law attorney, divorce negotiations, marital estate, When two people enter a marriage, they become one legal unit. This legal relationship has many lasting effects on both spouses’ separate and joint finances. It may be unpleasant to think what will happen to your assets during a divorce, but this is an important topic to consider. Because there are many complicated financial issues that can arise during a divorce, it is wise to consider signing a premarital or postnuptial agreement.

Premarital vs. Postnuptial

The main difference between premarital and postnuptial agreements is when they are executed. A premarital agreement is created between two people intending to be married, and is executed before the marriage takes place. A postnuptial agreement is between two spouses. Both types of agreements are similarly intended to allow spouses to protect their individual financial futures if the marriage ends in divorce. Premarital and postnuptial agreements help spouses to preemptively make important decisions if they decide to dissolve their marriage in the future.

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Illinois divorce law, Illinois family law attorney, Illinois prenuptial agreement, Most people are somewhat familiar with the general purpose of prenuptial agreements. Popular culture and entertainment news is often full of talk about celebrities’ prenuptial agreements, and how they enact such agreements to protect their immense and highly valuable assets. Though you know why celebrities sign prenuptial agreements, you may never have considered how beneficial your own prenuptial agreement could be.

Benefits of Prenuptial Agreements

Many people think that prenuptial agreements are designed to help only the very wealthy. This is certainly a misconception. In fact, prenuptial agreements, as provided by Illinois law, can benefit anyone considering marriage. The main goal of such an agreement is to protect your personal financial future in the event you and your future spouse divorce. Thinking about the possibility of divorce before you are married may sound pessimistic. However, considering a prenuptial agreement can save you a significant amount of emotional and financial stress in the future.

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