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Tag Archives: prenuptial agreements

Illinoia family law attorneysPeople do not typically marry with the intention of one day divorcing, but those who have already experienced a failed marriage may be even more adamant to grow old with their new partner. Sadly, the risk of divorce is significantly higher for subsequent marriages. As such, it is highly recommended that parties take proactive steps to protect their assets in a second marriage. Learn more about how a prenuptial agreement can help you do this, and discover how our seasoned family law attorneys can help. 

Know Your Wealth and Assets

Just as it is critical to know your wealth and assets in a divorce, you should know them going into a marriage. Not only does this give you a base to work from in the event of a divorce, but it also enables you to effectively and proactively protect your wealth, long before a divorce occurs. 

Never Enter a Second Marriage Without a Prenuptial Agreement

If you did not sign a prenuptial agreement before your first marriage, it is likely you know just how messy dividing assets in a divorce can be. When you add in the fact that may divorcees also have children from their previous marriage, perhaps even child support and spousal support obligations, the importance of protecting one’s assets in a second marriage becomes even more crucial. One of the most effective ways to do this is to ensure you have a sound and concise prenuptial agreement before you marry a second time. 

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Wheaton alimony lawyersData suggests that more couples are signing prenuptial agreements before getting married, which could be a good thing, as data suggests that couples are less likely to divorce when they have one in place. However, those that have one already may need to review their documents, come 2019. 

How the New Tax Law is Expected to Impact Existing Prenuptial Agreements 

The new tax law, set to go into effect on January 1, 2019, is expected to impact both married and divorcing couples in a significant way. For those going through a divorce, it may affect alimony payments—both in amount and how willing a party is to make them. It is this aspect of the new law that also affects prenuptial agreements. 

For the past 70 years, alimony payments have been tax-deductible for the payor and taxed as income for receivers. The new tax law eliminates this element of divorce law. Sadly, this change is expected to leave less money for the family, as a whole. Without the tax benefit, payers may have less discretionary spending money than their spouses. The courts have to balance this out by reducing the alimony payment amount, so even though the receiving party may not have to report the payments as taxable income, they may ultimately receive less money. Neither party benefits from this, unfortunately, but the change is inevitable. 

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DuPage County family law attorneysDivorce rates for the American population have been on the decline for several years now, but until recently, no one really understood why. After an analysis from the University of Maryland, experts believe the decline can be directly attributed to the millennial generation. However, it is not just the divorce rate that this demographic is influencing; they are also doing marriage very differently than their predecessors. Learn more in the following sections, including how a seasoned family law attorney can help you protect your marriage, should a divorce ever occur, or assist you in pursuing a favorable outcome in a pending Illinois divorce case. 

Millennials and Marriage

The institution of marriage was once a way of life, what was expected of younger people when they left home. Sadly, those marriages often ended in divorce, either because the parties faced irreconcilable differences or simply decided that they were no longer happy or compatible. Some of those divorcees eventually remarried again; a fair percentage of those marriages also ended in divorce. Millennials are doing things a little differently. Many are waiting until they have an education and career in place before tying the knot - if they decide to do it at all. As a result, they are inherently less likely to divorce. Millennial couples are also signing prenuptial agreements at an almost unprecedented rate, which is helping to protect parties if a divorce does later occur. 

Millennials and Divorce

Although divorce has risen for some of the population (particularly those aged 55 or older), millennials are divorcing at a much lower rate than previous generations. Experts say that part of this could be attributed to their waiting so long to marry, but there are likely other factors at play as well. Higher education and income levels are common among married millennials; both have long been associated with a lower risk of divorce. Much of the poorer population is deciding to cohabitate, rather than marry, which is making it more of an institution for the “elite.” Some may see this as a negative, but there are some benefits - so long as the cohabitating parties have taken steps to protect themselves, should the couple decide to call it quits (i.e. establishing parentage for any shared children, having a cohabitation agreement that addresses how assets, leases, and other aspects of separating will be handled, etc.). 

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DuPage County prenuptial agreement lawyersCouples do not usually enter a marriage with the intention of someday divorcing, but statistics indicate that just a little under half of them do. It is that high rate of divorce (and the potential losses that may ensue because of one) that is causing many millennials to take preventative steps.  One of the most crucial is the drafting of a prenuptial agreement. Unfortunately, these documents cannot cover every aspect of your marriage, and there is always the risk that one (or all) of the terms will not hold up in court. Learn how to “bulletproof” your prenuptial agreement, and discover how a seasoned family law attorney can assist you with the process. 

Starting Your Marriage with Transparency

Honesty and transparency are the cornerstones of a healthy marriage, and a prenuptial agreement can help you incorporate these qualities into your marriage, early on. Of course, you can attempt to hide or inflate your wealth in a prenup, but it is never wise - and not just because it is dishonest or deceptive. By not disclosing any wealth you have, or by intentionally inflating it, you can completely void your prenuptial agreement. As a result, your document may not be honored in court, and you may lose even more of your assets through penalties from the court. Avoid this prenuptial agreement mistake by ensuring you are honest about all the assets you have and expect to earn in the future, and always be transparent with your spouse about losses and gains that occur over the course of your marriage. Also, ensure you avoid any inadvertent mistakes by talking to a lawyer about your assets prior to the creation of your prenup. 

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Illinois family law attorneysDiscussing a legal document that outlines your divorce before you are even married may not seem like the most romantic move. However, experts are now encouraging couples to talk about their finances, as well as the possibility of a divorce, before they wed. Part of this is due to the increasing prevalence of divorce and second marriages among older adults, and the intentional delay of marriage among millennials. The increase in entrepreneurship and small businesses are yet another factor.

Thankfully, a prenuptial agreement can help in these situations (as well as others). Learn more in the following sections, and discover how an experienced family law attorney can help you plan for the worst possible situation without it tainting the joy of your impending marriage.

Step Out of Your Emotions

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
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