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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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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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Posted on in Family Law

There are many exciting aspects of planning for a marriage. After getting engaged, many people throw parties - such as engagement parties or bridal showers, and focus on planning their wedding. They shop for dresses, meet with vendors, choose a venue, register for gifts and plan their honeymoon. Those who are not already living together before the wedding make plans to move-sometimes to a new home-for after the wedding. However, one thing that many couples avoid including in their planning is a prenuptial agreement.

Defining a Prenuptial Agreement

A prenuptial agreement is an agreement made between two parties before marriage that sets out the couple's rights and obligations should the marriage end by separation or divorce. The agreement can also include testamentary provisions - and spell out how property and assets should be distributed upon one or both parties' death.

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