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Western Springs family law attorney prenuptial agreement

Public opinion about prenuptial agreements has been shifting in the last several decades. Prenuptial agreements are becoming increasingly popular among younger generations. While there is still a significant amount of misinformation circulating about prenuptial agreements, more and more people are realizing the benefits of creating a “prenup.” If you are thinking about signing a prenuptial agreement before getting married, it is essential that you understand the standards these documents must meet. Mistakes made during the creation or signing of a prenuptial agreement may invalidate part or all of the contract.

Inaccurate or Incomplete Financial Disclosure

A prenuptial agreement can address many important issues that will arise if the couple divorces or if a spouse passes away. Property and debt division, spousal maintenance or alimony, and other financial issues may be decided upon in advance through a prenuptial agreement. In order for an engaged couple to reach an agreement about the terms of the prenuptial agreement, both spouses must provide a full inventory of their assets, debts, and income. If a spouse forgets to include important financial information or lies about finances, the agreements made in the prenup will be based on inaccurate information. This means that the document may be invalid and will not be accepted by the court.

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Western Springs divorce lawyer

More and more older couples are getting divorced. Recent trends show that individuals in their 50s, 60s, and even 70s are choosing to leave their marriages and pursue a happier post-divorce future. Going through a divorce after a long marriage and getting divorced at an older age both come with certain complications and obstacles. If you are over age 50 and thinking about divorce, educating yourself about your rights and responsibilities is one way to avoid costly mistakes.

Remaining Ignorant of Your Finances

Ending a marriage is as much a financial separation as it is a personal separation. Typically, the longer a couple has been married, the more assets and debt they have accumulated. You and your spouse may own complex assets, investments, and retirement accounts that will need to be properly valued during a divorce. The lines between separate property, which legally belongs to only one spouse, and marital property, which belongs to both spouses, may have been blurred considerably. One way to prepare for divorce is to start inventorying your assets. Gather copies of tax returns, bank statements, credit card information, pay stubs, loan documents, retirement account information, life insurance paperwork, and other important financial documents. When you know exactly what you and your spouse own, you are in a much better position to negotiate a fair property division settlement.

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Oak Brook divorce attorney dissipation of assets

It is no secret that money is the source of countless marital arguments. Many married couples fight about finances because one of the spouses made purchases or accumulated debt without the other spouse’s knowledge. Spouses may also hide assets or income from the other spouse. If you and your spouse are considering divorce, and there has been a history of financial deception in your marriage, you should be aware of the ways that this may impact your divorce.

Almost Half of All Married Couples Admit to Hiding Debt

Most people would agree that honesty is a critical component of a healthy marriage. However, a surprising number of married spouses have admitted to being dishonest when it comes to money. Approximately 41 percent of adults admit to hiding bank accounts, spending habits, or debts from their partners. This so-called “financial infidelity” or deceitful behavior can lead to dramatic consequences, including the end of the marriage entirely.

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Oak Brook divorce attorney hidden assets

When we hear the word “addiction,” most of us assume the addiction is a substance abuse problem. However, many people suffer from addictions that are not related to drugs and alcohol in any way. A shopping addiction, also called compulsive shopping or compulsive buying, can be a major problem that has significant implications on a person’s life as well as the lives of family members. If your spouse is a compulsive shopper or simply spends too much money on unneeded items, you may have concerns about how this excessive spending will influence your divorce.

Protecting Your Financial Future

Most individuals with a shopping addiction are not simply greedy or consumeristic. Many use shopping as a means of coping with low self-esteem, depression, anxiety, or other personal struggles. Although their excessive spending may not be malicious, it can have devastating effects on a couple’s finances. If you are planning to divorce your spouse and he or she has a problem with overspending, there are several steps that may help you protect your financial future:

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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