When couples are getting ready to tie the knot, they are usually in the midst of a deep love that seems like it could never end. While you should always believe that your marriage will last a lifetime, it is sometimes wise to prepare for the possibility of a separation, down the road. Of course, facing the potentiality of a divorce with your fiance can be difficult, but by planning ahead and signing a prenuptial agreement, you can help ensure that your family will maintain a financially healthy future, even if your marriage ends in a divorce. If you are readying for a marriage, speak with a legal representative to discuss the benefits of developing a prenuptial agreement, prior to your wedding.

Who Should Look Into a Prenuptial Agreement?

A prenuptial agreement is an agreement that is made by potential spouses, prior to their marriage. It is designed to establish how the couple will handle the allocation of resources, distribution of debt, and other financial issues, in the event of a divorce. A prenuptial agreement is officially established once the marriage is finalized. While many people believe that the establishment of a prenuptial agreement is unromantic or pessimistic, there are many scenarios in which a prenuptial agreement can alleviate stress and help the couple avoid future disputes, down the road.

Protecting Your Family: If you have children from a prior marriage, the development of a prenuptial agreement can ensure that your children will have access to their inheritance. While a second marriage can be a new lease on life and a path into a wonderful relationship, it should be noted that 67% of second marriages end in divorce.

The distribution of marital property is a key issue that comes up in divorce proceedings. Illinois is an "equitable distribution" state, which means marital property is not necessarily divided in half, but rather in a way that is "fair and equitable."

The first step in determining which party is responsible for paying off debt is to determine whether the debt is marital or non-marital. Marital debt is debt acquired by the parties during the course of the marriage. This debt includes but is not limited to residential mortgages, car loans, and credit card debt. It does not matter whose name is on the debt. However, the important distinction is what the debt was used for, and whether it benefitted the marital estate.

Student Loan Debt and Marital Assets

High net worth divorce cases often have complicated finances that need to be evaluated before any agreement for dividing the assets can be reached. Even when a couple is deeply involved in the management of their assets and income, experts are usually needed in a divorce.

The Types of Experts You May Need

A divorce may have several different issues at stake. Couples frequently fight over parenting time, child support, spousal maintenance, and the marital assets. The court will often appoint a custody evaluator to deal with parenting time issues. However, both sides frequently hire experts to deal with the money issues.