Elgin Family Law Blog

Millennials in Illinois and other states are increasingly interested in prenuptial agreements before they tie the knot. One study showed that over 60% of divorce attorneys saw an increase in their clients requesting prenuptial agreements. Those who were surveyed reported that over 50% of those who requested prenuptial agreements were millennial clients.

There are several reasons why millennials may be more interested in prenuptial agreements than past generations. One reason is that they want to protect their assets. In comparison to baby boomers and Generation Xers, millennials do not own as many concrete assets, like property, but they have made significant investments in startup businesses and the stock market. One report said that 7 in 10 millennials have participated in some type of investment.

It can be difficult to have a successful marriage. For Illinois couples, challenges can sometimes grow so problematic that couples consider ending the marriage and getting a divorce. The reasons for divorce will inevitably vary, but there are certain basic issues that research shows precipitate many divorces. Understanding the warning signs is critical to making the decision to move forward with a divorce.

In a recent study, 2,371 people who had recent divorces were surveyed. On average, they were 45 years old; 44% began divorce proceedings on their own, 40% of their spouses initiated the divorce, and 16% decided jointly to end the marriage. Among participants, 40% did not have significant conflict while 29% said there was a great deal of conflict.

An Illinois home may be sold at the time of a divorce or a date that the couple deems to be appropriate. However, there are some instances in which keeping the home is a person's top priority. This may be the case even if an individual doesn't have children and simply wants the home due to its sentimental value. Determining how much the property is actually worth is the first thing that should be done.

Figuring out a home's value may influence whether a spouse wants to be bought out. Ideally, the house will only be sold to a spouse if that person can afford to purchase it at fair market value. Further complicating matters is the fact that a couple may not necessarily want to split the home on a 50/50 basis. It is also important to consider the cost of maintaining the property.

Some couples in Illinois might think of prenuptial agreements as tools that are only useful for wealthy people. However, since most divorces involve the division of property, a prenup can also be helpful for couples who do not have enormous incomes. It gives them the opportunity to establish what assets they want to keep separate and how they will divide shared income and handle spousal support in a calm environment.

One stage of the divorce process is full disclosure of all assets and debts. A spouse who had not been part of managing the marital finances up to this point can be at a disadvantage in a divorce. A prenup ensures that this disclosure happens before the marriage since the couple must also disclose assets and debts. However, this conversation can be valuable for couples even if they do not divorce. Understanding the financial situation and the other person's attitude toward money can reduce the likelihood of conflict over money after marriage and may make the relationship stronger.