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There is a common misconception that prenuptial agreements only benefit the wealthy. News stories of high profile divorce cases openly discussing existing prenuptial agreements only serve to perpetuate and reinforce this error. While affluent Americans do experience substantial benefits, having the protection of a prenuptial agreement is arguably more valuable to the working class citizens.
Although it is not the most romantic idea, if you have an upcoming marriage, you will want to consider creating a prenuptial agreement, and here is why:
Although the thought of marriage being a legal agreement is a sobering realization, those who understand and appreciate this reality fare better in the unfortunate event of divorce. Before the wedding begins, everyone is confident love that will never end; yet, the United States has a notorious divorce rate of nearly half of all unions. In Illinois, once you are married, everything is owned jointly, from the money you make in your business to the house you buy and everything in between. During a divorce, everything is subject to an equitable marriage division, or as close to 50/50 as possible, unless you have a prenuptial agreement stating otherwise. For some, losing half of their assets is financially devastating.
Do you make a significant amount more income than your spouse? Do you expect your revenue to grow significantly faster and more substantial than that of your significant other? Will that income support two households? After a divorce, judges try to ensure that both parties enjoy the same or standard of living as they experienced during the divorce, or at the very least, one similar to that of the other spouse. If you are the primary breadwinner in the household, you might be expected to pay monthly alimony and child support payments. For wealthy Americans, the fee is a necessary nuisance, but for the working class, this payment can result in a choice between putting food on the table or following the court order. A prenuptial agreement protects those Americans who cannot afford to run two households on one income alone.
There are countless tasks to check off of the to-do list as your wedding date approaches: officiant, wedding dress, tuxedo, caterer, and the list goes on. Perhaps the most critical step in the process is to explore prenuptial agreements before you sign the marriage license. You have worked to reach your current standard of living, and you should retain the right to revert to that standard should the marriage end. A DuPage County prenuptial agreement lawyer will help you explore your options. The experienced attorneys at Law Office of Martoccio & Martoccio understand that a prenup is not a romantic idea but have helped countless clients through the divorce process that wish they had followed their instinct for the prenup. Find out how you might benefit with a free, no-obligation consultation by calling 630-920-8855 today.