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Marriage and Money: Preventative Measures That Can Protect Your Finances in the Event of a Divorce

Posted on  in Prenuptial Agreements

Naperville prenuptial agreement lawyersIf you are about to get married, or have been married for a little while now, you may not be thinking about your chances of divorce. Yet statistics on divorce indicate that every couple should at least prepare for the possibility. For example, some 70 percent of couples fight about money during their marriage. Money is also a common reason that couples split up, and it is one of the most complex and emotionally charged aspects of divorce. So do not wait until divorce knocks on your door; protect your finances and prepare for the event of a divorce now.

Talk About Money Often

When it comes to dealing with money matters during your marriage, communication is the key. It can keep issues from exploding and getting out of control, and it can help each party stay accountable. Budgets and allowances for each party are also helpful, but probably the most important thing is to make sure you are respectful of your spouse’s spending habits. Remember: each of you may handle money differently, but one way may not be any more right than the other. So, instead of harping on one another about spending issues, talk it out and come up with creative strategies that work for both of you.

Prenuptial and Postnuptial Agreements

If you have not yet married and have assets, investments, or even just ideas that could turn into assets, now is the time to safeguard them. Sure, the idea of a prenuptial agreement can be perceived as a bit of a romance killer, but taking care of this issue now - while you are still very much in love and more likely to protect and be fair with your spouse - is better than fighting about it in the event of a divorce.

If you are already married and never took the time to draft a prenuptial agreement, you may still have the option of a postnuptial agreement. It works in the same way - it protects your assets, investments, and ideas - but it is an agreement made after marriage. An experienced family law attorney can assist you with the process.

Contact Our Illinois Family Law Attorneys

If you are about to marry and want to add that extra layer of financial protection beforehand, contact Sullivan Taylor & Gumina, P.C. for assistance. Dedicated to preserving the love of your marriage and mindful to the struggles that couples face, even early on in their marriage, our Naperville family law attorneys can help you develop a prenuptial agreement that works for you. Call 630-665-7676 and schedule your personalized consultation with us today.

Source:

http://www.12newsnow.com/news/local/marriage-money-matters-divorce-proof-your-marriage/408560597

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