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Wheaton prenuptial agreement lawyerNobody enters into a marriage thinking they will get divorced, yet most people know that about half of marriages end in divorce anyway. Although you may wish that your relationship will last forever, it is wise to prepare in case of a relationship breakdown. A prenuptial agreement in Illinois is a legally enforceable document that can protect the assets you owned prior to getting married.

Although the idea of having a conversation about a prenup may make some people uncomfortable, this is exactly the kind of discussion you can and should be able to have with your future spouse. Planning for the future will enhance the strength of your future marriage, not detract from it. Here are a few things to consider including in your prenup.

Protect Against Debt

A prenup can protect your individual and marital assets against any debt your spouse accrues by themself over the course of your marriage. This may be a good idea if your future spouse enjoys gambling, or plans on starting a business that will require large loans. A prenup can also protect you from debt that your spouse incurred prior to getting married. In the event of a divorce, the debt remains entirely the responsibility of the spouse to whom it belongs.

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DuPage County family law attorneyWhen it comes to prenuptial agreements, the general opinion often seems to stem from the negative stigma that anyone who pursues such an agreement must not have much faith or trust in their future spouse. Although this may actually be the case for some individuals, in most cases, this stereotype could not be farther from the truth. In fact, prenuptial agreements can help lay the groundwork for long-lasting and fulfilling marital relationships.

Prenuptial Agreements in Today’s World

Prenuptial agreements are extremely popular nowadays, for multiple reasons. Their popularity is not merely a reflection of the state of marriages in today’s society; they also offer practical advantages that benefit both partners equally. Broaching the topic with your future spouse can feel uncomfortable at first, but if you share a mutual interest in pursuing a prenuptial agreement, it can prove to be a valuable, effective tool as you enter your marriage.

Here are some factors to discuss if you are on the fence about signing a prenup:

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Wheaton family lawyerMost people have heard of prenuptial agreements, but many consider them something that happens in Hollywood or with other wealthy couples. However, there are quite a few ways in which an “ordinary” couple could benefit from drafting and signing a prenuptial agreement. While you may think that you will never split up, the reality is that a substantial number of all marriages—up to 40 percent or more, according to some estimates—end in divorce.

What is the Purpose of a Prenuptial Agreement?

A prenuptial agreement is primarily a formal way for a couple to decide how their property and assets should be split up in the case of a divorce. As such, it is somewhat like a property settlement that is agreed to before anyone is even thinking about filing for a divorce. It is important to keep in mind that a prenuptial agreement can also address concerns, such as investments and life insurance, that may be applicable during the marriage as well.  

Individuals with property, a business, or a potential inheritance often want to make sure these assets do not become marital property. A prenuptial agreement is one way for both spouses to keep the property they bring into the marriage separate. In a prenup, you can also choose to designate certain assets as marital property, even if they would otherwise be considered non-marital.

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Wheaton divorce lawyerThe Institute for Divorce Financial Analysts determined that nearly a fourth of all marriages end in divorce due to financial issues — that represents the third most common cause of divorce. With an economic recession upon us and no certain end in sight, the money problems that many married couples usually face are bound to be further exacerbated. Luckily, there are various ways that one can keep their financial concerns from becoming an issue in their marriage.

Open Communication from the Start

Whether it be done before the marriage, by creating a prenuptial agreement, or early in the marriage, by being upfront and honest about financial concerns, open communication can go a long way toward keeping marital finances in check. Couples should avoid making the following mistakes in order to keep this communication present:

    • Hiding debts or assets before, during, or after marriage.

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Wheaton prenup attorney cohabitation agreement coronavirusOn March 11, the World Health Organization (WHO) declared that COVID-19, commonly referred to as the coronavirus, is enough of a global threat to humanity that it can now be classified as a “pandemic.” As more and more events with large gatherings are getting canceled or postponed, couples planning to tie the knot may be concerned. Here is why weddings are particularly susceptible to the coronavirus and what you might want to consider doing about it, including postponing it and choosing to work on your prenuptial agreement or cohabitation agreement instead.

Why Weddings Are Dangerous Due to the Coronavirus

Although most people have aimed their attention on the cancellation of major events and other public gatherings, including festivals like South by Southwest and Coachella, and sporting events like the NCAA March Madness Tournament, not enough focus has been placed on weddings. Weddings are particularly dangerous when it comes to the coronavirus because:

  • Most weddings have large amounts of people crowded into relatively small places.

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