Illinois couples looking to get married are likely focused on planning wedding details, such as vows, menus and venues. However, doing some financial planning before the big day could be beneficial as well. Creating a prenuptial agreement before a marriage takes place could save couples from future struggles with property division should a divorce ever occur.
One way couples can get an idea of what to plan for in the event of a divorce is to track their household expenses. Doing so could not only help to create a budget, but it could also help attorneys and judges decipher how to split assets and investments and determine whether spousal or child support should be awarded. Keeping documentation of these expenses can aid in this.
If a divorce is imminent, it would likely be best to avoid big financial decisions until the divorce is complete. Divorces can cause major financial changes, and editing such things as beneficiaries for life insurance or for a will could have an impact on the outcome of the proceedings. Separating joint finances can be complex, so making arrangements for doing so in a prenuptial agreement may save time in the long run.
Anyone interested in creating a prenuptial agreement can contact an experienced Illinois attorney to obtain more information and assistance. For those who did not draw up such an agreement for property division before marriage, or a postnuptial agreement afterwards, contacting an attorney in the event of a divorce would still be beneficial. He or she could provide guidance and support while working to provide a client with the best possible outcome.
Source: nerdwallet.com, “7 Ways to Ready Your Finances for Divorce“, Elizabeth Renter, Accessed on Aug. 1, 2017