Many millennials start out their adult lives carrying student loan debt coupled with sky high rents and car payment causing many to put off significant milestones such as marriage and children or buying a home. Because financial difficulties are often one of the leading contributors to divorce, when millennials finally do decide to take the leap with that special someone, it is important to go in with eyes wide open.
Appearances can be deceiving. There are a lot of millennials that are living and wearing signs of wealth that are not necessarily supported by assets – more of a state of mind than reality that can derail your future plans. Starting your life together by sharing tax returns and credit reports will give couples a better idea of where they really stand financially so they can plan for a future that might include paying for a wedding, buying a first home, or funding children’s educations which all require a shared vision and a financial strategy to get there.
As you look over your finances you may discover that one person has substantial debt. A prenuptial agreement is a useful tool that can specify that any marital funds used to pay down the other persons debt will be credited back in the event of a divorce. If one person has more assets or earns more than the other, a prep can carve out what will remain separate property and address spousal support, which can not only benefit the spouse with more wealth, but also the spouse who may be giving up a career to start a family.
Planning a life together is an exciting time. If you would like more information regarding Illinois premarital agreements, contact the Libertyville family law offices of Schlesinger & Strauss LLC for more information at 847-680-4970.