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5 Reasons to Consider a Prenuptial Agreement Before You Get Married
If you are engaged to be married, congratulations! Marriage can be a wonderful way to formalize a committed relationship. However, marriage is not without financial risk. One way married individuals can mitigate the financial risks associated with marriage and protect their financial future is by creating a prenuptial agreement.
Prenuptial agreements are becoming more and more popular, especially among millennials. In a study conducted by the American Academy of Matrimonial Lawyers, over 60 percent of the lawyers surveyed noticed an increased number of engaged couples seeking prenups. The increase is not surprising given the significant benefits associated with prenuptial agreements for both spouses in a marriage.
Top Benefits of Utilizing a Prenuptial Agreement
Prenuptial agreements, or prenups, are often misunderstood. These legal tools are not only useful for extremely wealthy couples. They provide benefits for married individuals of all ages, lifestyles, and income levels. Prenuptial agreements can provide benefits including:
Getting a Fair Child Support Order When a Parent Makes Money "Under the Table"
Divorced parents and parents who never married are often subject to child support orders. Child support is a method for splitting the cost of raising a child between parents who are no longer together and ensures that the child will receive financial support from both parents. In 2016, Illinois changed the way child support is calculated. The amount that a parent pays is now based on both parents' net incomes, not just the paying parent's net income. Lawmakers changed the child support calculation method in order to ensure that child support obligations are fair and reasonable, given both parents' financial circumstances.
Before the court can calculate child support, parents must disclose all forms of income to the court. Unfortunately, some parents fail to disclose the income they earned "under the table." How can parents get a fair child support order if a parent receives cash income and fails to disclose it?
Failure to Disclose All Forms of Income is Illegal
Child Support for a Child with Autism, Down Syndrome, or another Intellectual Disability
Childcare, medical expenses, afterschool tutoring, clothes, and groceries are just some of the many child-related expenses parents must manage. When a child is disabled, there are often additional expenses including specialized medical care and educational serves. If your child has an intellectual disability such as autism spectrum disorder, fetal alcohol syndrome, fragile X syndrome, or down syndrome, you may be able to extend the length of time that you receive child support from your child’s other parent.
Understanding the Cost of Intellectual Disabilities
Parents of children with disabilities often face a unique set of challenges both personally and financially. Raising neurotypical children is already expensive, but children with disabilities often require special medical care, therapy, educational services, and caregiving. The organization Autism Speaks estimates that the average lifetime cost of these services for a person with an intellectual disability is $1.4 to $2.4 million. Social Security Disability Income (SSDI) and other programs may help mitigate costs, however, government assistance is often not enough to cover all of these expenses.
Finding Hidden Assets in the Age of Digital Currencies
The cryptocurrency finance market has grown quickly in the last few years. What was once a niche investment that many assumed would be a waste of money has now become mainstream. As more and more people invest in cryptocurrency and NFTs, these assets are increasingly used as vehicles for hiding money in a divorce. Divorcing individuals deserve a fair share of the marital estate – including a fair share of any digital currencies. If you are getting divorced and you believe your spouse is hiding assets using crypto or NFTs, contact an experienced divorce lawyer for help.
Cryptocurrency May Be Used to Shield Assets from Division During Divorce
When spouses divorce, they can either negotiate an agreement about how to divide assets and debts or allow the court to decide for them. When the court divides assets, each spouse receives an equitable, or fair, share of property based on the spouses’ current financial circumstances, future earning capacity, and other factors.
Divorcing a Narcissist: A Survival Guide
The term “narcissist” technically refers to an individual with narcissistic personality disorder. However, the term may also refer to someone with narcissistic traits who has not been officially diagnosed with any mental health conditions. No divorce is easy, but narcissists often make the process of divorce much harder than it has to be. If you suspect that your spouse is a narcissist, your divorce may be frustrating and complicated. However, there is light at the end of the tunnel.
Signs Your Spouse is a Narcissist
Many narcissists have an exaggerated sense of self-importance. They usually need a great deal of attention and admiration from others. Individuals with narcissistic tendencies may also lack empathy or sympathy towards others. Many people married to narcissists are initially charmed by their partner’s words and behavior. Your spouse may have been kind and loving when you were dating but then changed once you got married. Narcissists are often intelligent and manipulative. They may use gaslighting, intimidation, and psychological tricks to get what they want.
Your Questions About Contested Divorce in DuPage County, Illinois
Deciding to get divorced is often just the start of a long, complicated process. Many people embarking on a divorce feel overwhelmed and confused. There are so many factors to consider and countless questions to answer. Fortunately, you do not have to face divorce alone. A skilled divorce lawyer can explain all of your options and help you take the next steps.
What is a Contested Divorce?
An uncontested divorce occurs when spouses agree on all the terms of the divorce, including property division, child custody, and spousal support. A contested divorce occurs when spouses cannot reach an agreement on one or more issues. For example, the couple may agree on how to share parenting time and parental responsibilities but not how to divide marital property.
Can I Avoid a Contested Divorce?
Some couples are able to reach an agreement on all of the divorce issues without litigation. Alternative resolution methods like mediation may help the couple resolve their disagreements and come to a compromise. The spouses’ lawyers may also be able to negotiate on the spouses’ behalf and help them reach an agreement. Unfortunately, a contested divorce is sometimes unavoidable.
How Does Supervised Visitation Work in Illinois?
Supervised visitation is a step short of cutting off a person’s parental rights entirely. It is used when having some contact with the noncustodial parent is still in the child’s best interest, but leaving the child alone with that parent would put the child in some type of danger. In supervised visitation, the noncustodial parent still gets some parenting time, however, they will be supervised by a trusted third party at all times when their child is present. This solution is not used very frequently, but it is an option in some cases. If you believe that your child’s other parent cannot safely be left alone with your child, your lawyer may recommend asking the court to allow only supervised visitation.
When is Supervised Visitation Used?
Under Illinois law, supervised visitation can be ordered when unsupervised “visitation would seriously endanger the child’s physical, mental, moral, or emotional health.” The parent asking for supervised visitation must prove that the other parent would endanger the child in some way. It may be used if one parent is engaged in criminal activity, is abusive towards the child or other parent in any way, or has a serious mental illness or substance abuse problem. It can also be ordered if the other parent is in a romantic relationship with an individual who poses a risk of harm to the child.
How Does Valuation of Marital Assets Work in DuPage County?
In order to make sure that marital assets are divided fairly, it is important to know what each major asset is worth. Without knowing exactly what each asset is worth, there is a risk that the court will inadvertently leave one party in a much better position than the other. The process of valuing marital assets can be tricky. Some assets, like stock portfolios and investments, tend to fluctuate in value, sometimes rapidly. Other assets can be hard to arrive at an agreed-upon value to. In many cases, professional appraisals are necessary. If you are going through a divorce where valuation may be necessary, it is important that you work with an attorney who has experience with the appraisal and valuation process.
What Marital Assets May Need Valuation?
Which specific assets need to be appraised or otherwise valued really depends on what types of property you own. Spouses who were only married for a short time and have not acquired much in the way of joint property–especially if they are renting and do not own a home–may be able to bypass this process. However, those who have been married for a long time and have a good amount of assets together are much more likely to need to bring in a third-party professional.
What You Need to Know About Spousal Maintenance in Illinois
No one should be afraid to leave their marriage because they do not know how they will support themselves without their spouse. This fear of financial instability has kept quite a few people trapped in marriages that are no longer working. Spouses who have given up a career or educational opportunities in order to stay home and devote themselves to raising children or maintaining a household may have a difficult time getting back into the workforce. Alimony–now called spousal maintenance–was created to mitigate this problem. Spousal maintenance is not available for every married person who gets divorced, so it is important to consult a lawyer to find out whether you may qualify before making any moves.
What do People Who are Considering Divorce Need to Know About Alimony?
When you are planning to leave your marriage, it is important to have a plan in place to protect your financial stability. This is of particular importance for those who did not work for pay during the marriage. Some critical information about spousal maintenance in Illinois you may need to be aware of includes:
When Will a DuPage County Court Give One Parent Sole Custody?
In the vast majority of cases, judges in Illinois will award both a child’s parents some parenting time. One parent may make their home the child’s primary residence, but the other is very likely to enjoy part-time custody. The reasoning is that it is usually in a child’s best interest to receive love, guidance, and emotional support from two parents instead of one. However, there are cases where spending time with one particular parent would actually be harmful to the child. In these rare cases, Illinois courts will award parenting time and decision-making rights (parental responsibility) to one parent alone.
If you believe that your child would be mentally or physically unsafe with their other parent, it is important to work closely with an experienced attorney. It can be difficult to convince a court that sole custody is appropriate.
In What Situation Would the Court Award Sole Custody?
It is not uncommon for one parent to demand sole custody primarily to spite the other parent during a contentious divorce or split. This strategy is rarely effective - the court will want proof that spending time with the other parent would not be in the child’s interest. Courts will consider awarding sole custody only in situations like:
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