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Naperville family law attorneysFor many years, prenuptial agreements were largely considered to be necessary only for the super-rich. Today, however, more and more couples are considering using agreements like these. In fact, according to a survey conducted by the American Academy of Matrimonial Lawyers, more than half of family lawyers who responded said that they had seen an increase in requests for prenuptial agreements from the generation known as “millennials” (roughly aged 18-34).

There are a number of reasons why millennials might see fit to use prenuptial agreements, including the fact that they are getting married for the first time at a higher average age compared to previous generations. This means that they generally have more time to accumulate assets, debts, and other obligations before getting married.

If you are soon to be married and you are considering a prenuptial agreement, there are five good reasons why such an agreement might be a good option:

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DuPage County asset division lawyerSometimes in a divorce proceeding, one or both spouses try to get an unfair advantage in regard to property division. Asset hiding is depressingly common, with Forbes reporting approximately one-third of people with joint bank accounts have committed “financial deception.” However, it is still illegal, and you could be in serious trouble if you are caught.

Illinois Property Division

In Illinois, marital property division is done equitably, which means fairly rather than equally. It is generally held to be a matter of good public policy that divorce proceedings do not leave one spouse in a significantly financially disadvantaged position. If one spouse has far more earning potential than the other, he or she will likelyl be ordered to provide more support or given fewer assets.

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Naperville family law attorneyWe all have different opinions about how money should be spent and how we prioritize various considerations in our lives. When a couple gets married, they must find a way to reconcile their differing views so they can live within their means without undue stress and disagreement in financial matters. When a marriage breaks down, however, each spouse’s economic habits may become an issue, especially if that spouse is spending marital funds on his or her own interests. According to Illinois law, a spouse who wastes marital assets on purposes unrelated to the marriage may be required to pay some or all of the money back to the marital estate during a divorce.

Knowing the Law

If you are going through a divorce, you have a responsibility to maintain reasonable spending habit so that the marital estate is not negatively affected before it can be divided. By law, in fact, your responsibility begins when your marriage starts to break down. Any assets that you spend, waste, destroy, or devalue inappropriately may be considered dissipated, which could create serious problems in your divorce

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