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Wheaton prenup attorney

Although television and movies have sometimes presented prenuptial agreements (also known as prenups) in a negative way, there are a multitude of benefits to drafting a premarital or prenuptial agreement. Not only does a prenup protect the financial interests of both spouses, it also helps facilitate open communication about financial expectations before the couple gets married. However, it is important to remember that prenuptial agreements must meet certain criteria in order to be legally enforceable. There are several problems which can invalidate a prenuptial agreement.

Premarital Agreements Must Be Written and Agreed to By Both Parties

Studies show that disagreements about money are among the most common reasons couples get divorced. Having an open and honest conversation about financial expectations before walking down the aisle is one way to avoid financial disagreements during the marriage. In a prenuptial agreement, couples will decide how they will handle issues such as property division and spousal maintenance (alimony) if they end up divorcing. The agreement can also contain information about how debts will be distributed in the event of divorce. The prenuptial agreement cannot be a verbal contract; it must be written and signed by both spouses.

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Naperville divorce and child support lawyer

Prenuptial agreements tend to get a bad reputation. A person may feel that a request to sign a prenup implies that one partner makes the majority of the money, and signing a prenuptial agreement may make it seem like a marriage is expected to end in divorce. However, a prenup does not necessarily have negative implications, and it can provide a number of benefits for a married couple. As people in the Millennial generation get older and begin to get married, they are agreeing to more prenups than previous generations. According to a study published by the American Academy of Matrimonial Lawyers, 62% of attorneys surveyed have seen an increase in requests for prenuptial agreements in recent years, and 51% of attorneys said that the numbers of Millennials requesting prenups has increased. Why is this the case? There are a number of possible reasons:

A Closing Wage Gap

According to the study, more prenups are now being requested by women. This may be due to the fact that women are climbing the career ladder in their fields and making more money, and they want to be able to protect their assets. In 2018, the pay gap between the genders closed to a 4.6% difference. As more women become equal earners or the primary breadwinners in their households, prenups may be used to ensure that they will have financial protections. A prenup may also be used to protect spouses’ rights to spousal maintenance (alimony). This can be a good safety net to ensure that if a divorce happens, spouses will be able to maintain financial security.

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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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Illinois prenuptial agreement lawyersWhen 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.

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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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