Tag Archives: prenuptial agreement

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 divorce lawyerPrenuptial agreements are not tacky agreements as they were once thought. More and more people are entering into a prenuptial agreement before getting married to protect themselves in the event that they get divorced. Still, if you entered into a prenuptial agreement and are now worried that you signed away your rights, you can still take action. There are many ways to challenge a prenuptial agreement in Illinois and ask a judge to invalidate it.

Voiding a Prenuptial Agreement

When a judge deems a prenuptial agreement to be void, they may invalidate the entire agreement, or they may only strike down certain portions of it that they deem to be unfair. Certain provisions are also not allowed in prenuptial agreements. For example, in Illinois parents are considered to be financially responsible for their children until they are no longer a minor. As such, prenuptial agreements cannot waive child support obligations. In some instances, a judge may also strike down a provision that reduces or eliminates spousal support if they find that the person is entitled to receive support and will be left in financial hardship without it.

Reasons to Void a Prenuptial Agreement

There are many reasons a judge may invalidate a prenuptial agreement. These include:

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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 lawyerWhile many couples think they know just about everything regarding the other party before they get married, there are often some big surprises that get revealed after a bride and groom say their vows. Everyone has bizarre, and typically harmless, habits that they either keep under wrap early in a relationship or unconsciously avoid doing around others. However, some individuals have more damaging habits, addictions, and ways of living than is good for them, or their spouse. One of these is compulsive spending. Compulsive spending and the financial strain that it causes on a relationship can ruin a marriage. A family law attorney may provide an option for you before it comes to this, however.

What Is Compulsive Buying?

It is reported that six percent of the U.S. population has compulsive buying behavior, which is not a diagnosable disorder but certainly derives from a serious behavioral issue. Compulsive buying or spending is more common in women — 80 percent of people with compulsive buying are women — though with online shopping it is expected to increase in the male population as well. Compulsive buying is characterized by an obsession that compels the individual to continue a repetition of behavior (buying unnecessary things) even though there are obvious adverse consequences, such as not being able to afford necessities, credit card debt, going into bankruptcy, and getting divorced.

How a Postnuptial Can Help

According to a number of surveys, financial fighting between spouses is the leading or secondary contributor factor in divorce, with 41 percent of Generation X spouses reporting that they got divorced because of disagreements about money. Nearly half of married and cohabiting couples argue about money, with the majority of the arguments involving a spouse saying that the other spends too much, or a spouse that says that the other is too stingy. Other fights are common, such as whose responsibility it is to pay the bills or what the couple’s financial goals are. A postnuptial agreement can help resolve these conflicts by cutting money disagreements out of the marriage altogether.

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