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Wheaton prenuptial agreement lawyerPrenuptial agreements have historically been considered taboo. After all, who plans their divorce before they are even married? In recent years, prenups have become increasingly popular and are no longer just for celebrities. Couples from all walks of life have begun to recognize how a prenuptial agreement could be beneficial to their marriage and peace of mind. In the event that you do get divorced, a prenuptial agreement acts as the framework for the divorce agreement, making the entire legal side of the divorce process easier.

A Prenup Cannot Include the Following

If you end up getting divorced, your prenuptial agreement will save you some time, as long as your agreement is valid. However, there are certain things that you cannot include in a prenuptial agreement for it to be considered legally valid. If your prenup is found to include some of these details, the court can decide to throw out the invalid parts, or the entire agreement may be considered invalid. Here are a few things that cannot be included in Illinois prenuptial agreements:

  • Anything concerning parental rights or child support: One topic that is always off-limits with prenuptial agreements is your children. You cannot address the allocation of parental responsibilities or child support in a prenup, because you cannot predict what will be best for your child in the future. If you do get divorced, and you have children, the court will determine child support and allocate parental rights based on what is in the child's best interests at the present time.

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Wheaton divorce lawyerAccording to statistics from the National Survey of Family Growth, around 22% of all marriages end within the first five years, and an estimated 53% of marriages dissolve by the 20-year mark. With these statistics in mind, it is not surprising that divorce is common for Americans. Getting a divorce has been said to be one of the most stressful life events, second only to the death of a loved one. One of the ways you can help alleviate some of this stress is by effectively preparing for the end of your marriage. Here are a few tips to help you get your affairs in order before you begin your divorce:

Get a Clear Picture of Your Finances

First, you should have full knowledge of your financial situation. It is not uncommon for one spouse to be more in tune with the family's finances than the other. However, it is important to be in the loop when it comes to your income, assets, expenses, and other financial matters, since everything will be divided in the end. Make a list of all of your marital assets and debts so you can figure out what you actually own and owe. Next, make a preliminary budget for what you need to live off of after the divorce is said and done. This will help you figure out what you should fight for during the asset division process and whether you might be eligible to receive spousal maintenance.

Talk With Your Children

If you have children, you are probably worried about how your divorce will affect them. Many parents are hesitant about getting a divorce, because they do not want to hurt their children. However, ending a marriage that is full of conflict and arguments can often be the best thing for your kids. Studies have shown that children who have divorced parents often have fewer emotional issues than those whose parents stayed together but were unhappy with each other. If you have children, the first step to a healthy transition period is to talk to them about the divorce and explain to them what is happening. You might be surprised at how much they understand, and they may even have a positive opinion about the upcoming changes to their lives.

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Wheaton property division lawyerFinancial issues are some of the most commonly-cited reasons for divorce. In some cases, one spouse may not have believed in overspending, while the other spouse was comfortable with leaving a balance on the credit card every month. In other situations, spouses may have disagreed about how much to spend on daily necessities or luxury items. Whatever the reason for the financial mismatch, tensions can increase when the decision to get a divorce is made. It is not uncommon in a marriage for one spouse to be the “go-to” spouse for all things money-related. In situations like these, it can be tempting, and rather easy, for that spouse to conceal or hide assets in hopes that they will not have to share them with the other spouse.

Protecting your finances during your divorce is extremely important, because it can dictate your financial health for the rest of your life. Even if you were the spouse in the marriage who did not handle the majority of the finances, you will want to make sure you are receiving your fair share of assets in the divorce. If you suspect your spouse might be hiding assets from you, here are a few ways you can uncover them:

Start With the Tax Returns

The first place you should begin looking for any financial wrongdoing is on your tax returns. If the tax returns contain itemized deductions, scan through them and see if anything jumps out. For example, a deduction for property taxes can reveal a hidden property. You should also pay attention to capital gains and losses, which can help you discover hidden real estate or stocks and bonds.

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Wheaton, IL divorce attorneyEvery couple is different, but it is not uncommon for one spouse to have most of the responsibility when it comes to the family’s finances. This can be troublesome during a divorce, because the spouse who did not handle the money during the marriage often gets the short end of the stick, especially when it comes to the asset division process. Divorce can wreak havoc on your financial well-being, especially when it comes to your credit score. If you are getting divorced, it is important to take control of your finances and ensure you come out of the divorce without taking a huge hit to your financial health and credit score.

Tips to Maintain and Improve Your Credit Score

Simply getting a divorce will not affect your credit score. However, other things that happen during a divorce can affect your credit for the worse. To protect your credit score and make sure you come out of the divorce with acceptable credit, here are a few tips you should follow:

  • Joint accounts should be closed. If you and your spouse share any checking, savings, or credit card accounts, you should stop using these accounts and close them immediately, if possible. If your spouse has control over an account with your name on it, you may be responsible for any charges or expenditures they make. Leaving accounts open, especially credit card accounts, is playing with fire.

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