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Naperville prenup attorneyPreparing for a wedding is a time of love and happiness. Discussions about the location of the wedding, who to invite, and the potential of children down the road can all be fun conversations. However, some discussions are much more difficult to prepare for. Broaching the subject of a prenuptial agreement with your partner can be one of the most difficult conversations of your life, but it can also be one of the most important. In the case of a divorce, the lack of a prenuptial agreement could cost you. 

When Is a Prenup Needed? 

A prenuptial agreement is a document that details exactly what will happen to a couple’s finances in the event of divorce, including how certain property will be divided and whether one spouse will pay financial support to the other. In certain circumstances, a prenup can be incredibly important, ensuring that you have a secure financial future, no matter what happens in your marriage. A prenuptial agreement can be especially helpful if you have children from a prior marriage, if one party owns a business, or if you or your partner have significant assets going into the marriage. If you believe that a prenuptial agreement is important to securing your financial well-being, speak with a qualified family law team. 

Speaking With Your Future Spouse About a Prenuptial Agreement

Having a conversation with your partner about the future of your finances can be tricky, but there are ways in which you can approach the discussion in a compassionate and respectful manner. Here are some things to consider: 

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Prenuptial agreements are making a comeback, which means more couples have a clear understanding of their financial obligations in marriage and are better prepared for divorce. Unfortunately, there are a few mistakes that couples often make when drafting their agreements. Learn how to avoid them with help from the following information.

Avoiding the Topic Altogether

Perhaps the biggest and most common prenuptial agreement mistake that couples make is simply not discussing it. True, it is not a very romantic topic, and it is easy to overlook when you are in love, but many couples end up regretting their decision. Some may even find themselves in complex and contentious situations, should they ever divorce. If you are apprehensive because the topic lacks romance, or you are sure you will not need one, at least be willing to approach and discuss the matter. It could save you from a headache and perhaps even a hefty attorney bill in the years to come.

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Women tend to be relational in nature, but relationships themselves may place them at financial risk. More specifically, marriage and divorce can be dangerous endeavors for women. This information comes from a new report, which was published by the Chartered Insurance Institute (CII). The following examines this phenomenon more, and explains how women may be able to mitigate their risks.

Understanding Why the Disadvantage Exists

Despite misconceptions, women continue to be at a financial disadvantage in America. They earn less for the same jobs. Older women are less likely to have substantial earnings in social security or retirement savings. Further, men continue to be the primary or sole breadwinners within the family. True, more women are working, but they are far from equal in terms of earnings, pay, and opportunities as a whole.

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Wedding season is officially upon us, and couples are in the final stages of planning. They are getting that last fitting done, perfecting the guest list, double-checking with the caterer - but how many are working on a prenuptial agreement? More importantly, should they? After all, prenuptials are just for couples with millions of dollars . . . right?

Prenuptial Agreements Are Not Just for "Rich" People

Despite the stigma surrounding prenuptial agreements, they are not solely for the excessively wealthy. In fact, any couple can craft and execute a prenuptial agreement, and there are many reasons they might want to. If, for example, they have children from a previous marriage, they may want to ensure that their divorce settlement is set aside for them, should their current marriage end in divorce. Alternatively, if one spouse has a high earning potential - say a promising business or career path - but not a lot of money at the start of their marriage, a prenuptial agreement might be appropriate. Then there are those that simply want to define how money will be spent in their marriage, and how assets will be treated, should they ever divorce.

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postnuptial agreementIllinois allows for postnuptial agreements to help simplify divorces and promote settled solutions to family law issues. A postnuptial agreement is similar to a prenuptial agreement, only it is entered into after a couple is married.

The Purpose of Postnuptial Agreements

Postnuptial agreements are legal contracts. Like prenuptial agreements, the parties agree ahead of time what would happen to the marital property and spousal support should the couple get divorced. These agreements save the couple the costs and emotional turmoil of litigating a divorce, and it frees up court resources.

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