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naperville prenuptial agreement lawyerThe majority of couples who decide to get married envision a  life together forever. They often imagine having a family, making memories, and growing old together. They may also feel that any discussion about a prenuptial agreement deflates all the romance out of planning their wedding, or they may think that having a prenup means that you do not believe your marriage will last.

The reality is, however, that almost 50 percent of all first marriages end in divorce. That rate is even higher – 60 percent – for second marriages. And if it is your third marriage, national statistics say you have a 73 percent chance the marriage will fail. Prenuptial agreements can make a significant difference if a couple does end up getting a divorce, saving time and money, and avoiding contentious divorce negotiations.

But We Are Not Rich

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Posted on in Divorce

bnaperville divorce lawyerWhen a couple decides to get married, they usually need to plan what type of wedding they will have. Will it be big or small, fancy or simple, expensive or inexpensive? When a couple decides to divorce, there is similar planning that may need to take place. Will the divorce be a costly one, drawn out with lots of disagreements and court hearings or will they be able to keep it fairly simple and inexpensive by working through issues together without the need for litigation?

Financial Issues in Divorce

Getting a divorce is expensive. Not only are there court and attorney fees to contend with, but in many cases, each spouse is going from living in a two-income household to a one-income household. Depending on living arrangements made after the split, at least one of the spouses has moved out of the family home into a new residence and has to purchase new furniture and necessary household items.

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naperville divorce lawyerThere is no denying that divorce will have a financial impact on most couples. Even if the divorce is a “friendly” one without disagreements about how the marital estate should be divided, each spouse will still have to adjust to going from a two-income household to a one-income home. Keeping that in mind, there are certain steps you can take to help alleviate some of that financial pressure and ensure you are prepared once the divorce process is complete.

How Much Money Do You and Your Spouse Have?

While this may seem like an obvious question, many spouses do not know the answer to that question, especially if the other spouse is the one who handled all the family finances. Make sure you know exactly how much you have in checking and saving accounts, retirement accounts, and any other financial accounts you have. It is also important to know how much marital debt you have, so find out the balance for any mortgages and equity loans, vehicle loans, credit card bills, etc.

If you are planning to divorce, this is also a good time to get your own checking and saving accounts and apply for at least one major credit card in your own name to begin building a separate credit history.

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