Prenuptial agreements protect in the event of divorce

On behalf of The Walters Law Group, Ltd. posted in Divorce on Wednesday, June 5, 2013.

Discussing prenups with a future spouse can be particularly difficult. A prenup is a contract that divides assets in the event of a divorce, and most couples simply do not want to converse with their loved one about what would happen if their marriage ended before they have even walked down the aisle. However, prenups are put in place to protect both spouses and specify how any and all assets will be divided down the road, mitigating any fighting or nasty headaches should the marriage not last.

Over the last five years, the number of prenuptial agreements has risen by 73 percent. In this economy, finances have become a huge concern, and with 50 perfect of marriages ending in divorce, the statistics do not bode well for new couples. Further, many people are tying the knot later in life, with first marriages occurring at the average age of 27 for women and 29 for men.

Many couples who are just starting their life together may argue that they have no assets to protect. However, prenuptial agreements do not just deal with assets that have already been acquired; without a prenup, one spouse may be responsible for half of any credit card debt, remaining student loans and car payments. Prenuptial agreements also protect any retirement plans and possible inheritance, and create agreements on property divisions long before any problems may occur.

As Illinois is an equitable distribution state, a 50-50 division of marital property is not required in the event of divorce. Instead, each case is investigated case by case and a division of property is put in place based on each set of circumstance. An experienced Chicago attorney can help any individual navigate the divorce proceedings and will seek fair and just allocation for their clients.

Source: CBS News, “Why a prenup may be right for you“, Mellody Hobson, May 29, 2013