Illinois couples looking to prenuptial agreements

On behalf of Lake Toback Attorneys

According to the results of a survey of the American Academy of Matrimonial Lawyers, many couples who are about to marry are thinking about divorce. Of the attorneys who responded, 60 percent indicated that they have seen an increase in demand for prenuptial agreements over the past three years. The most common issues addressed in these agreements, according to respondents, were protecting each individual’s separate property, spousal maintenance and dividing up a couple’s assets.

Experts contend that the rise in these agreements is due to people’s awareness of the financial issues related to divorce and the fact that up to half of all marriages in the country are unsuccessful. Along with an overall increase in the numbers of couples seeking prenuptial agreements, 47 percent of those who participated in the survey said that they saw a larger number of women in relationships being the one to initiate these requests. It is believed that the reason for this is that women currently represent half of the workforce and accordingly have more assets that they are interested in protecting.

While dividing assets and determining spousal support are some of the most common issues addressed by prenuptial agreements, it is recommended that they also cover issues like life and health insurance along with who will stay in a couple’s home. If someone is remarrying, it may be a good idea to also discuss what their financial obligations to their children or previous spouse are.

A prenuptial agreement may be able to preclude or lessen arguments over issues that often are contentious during divorce proceedings. It is suggested that couples considering one first have a discussion on how expenses and other financial matters will be handled during the marriage itself.

Source: Pittsburgh Post-Gazette, “More couples saying ‘I do’ to prenups“, Tim Grant, October 31, 2013

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Illinois couples looking to prenuptial agreements