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Elgin divorce attorney property division

If you are considering divorce, you may be wondering what will happen to all the “stuff” that you and your spouse have accumulated over the years. Who will keep the house? As a non-working spouse, are you entitled to any of your cumulative savings? And, what about the condo that you purchased a few years ago? All of these questions are common for divorcees. After all, filing for divorce will change your life in more ways than just separating from your spouse. Depending on the state that you live in, the way that all of your “stuff,” also known as marital property, is divided can vary. For Illinois residents, things will be divided equitably, but not always equally.

Equitable Distribution Versus Community Property

Those filing for divorce may incorrectly believe that everything will be split 50/50 between them and their spouse, while others may be concerned that they will not get much at all during the division process. For a select few states that follow community property laws, things really are divided 50/50, and while this may seem like a more fair way to do things, some would argue that additional consideration should go into the division process. For the vast majority of the United States, Illinois included, the court follows equitable distribution laws when it comes to divorce. According to equitable distribution, a judge will consider a number of factors about the couple’s marriage, financial status, and more before making a decision about how things should be divvied up.

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Batavia family law attorney prenuptial agreement

When you hear the word “prenuptial agreement” or “prenup” you are likely picturing high-dollar celebrity divorces that you have seen splashed across the pages of magazines near the grocery store checkout line. In the past, prenups may have been reserved for the rich and famous, with the thought that the Hollywood industry would destroy their marriage and leave them with a hefty amount of combined assets to divide. This is one of many false ideations that continue to surround prenuptial agreements and drive couples away from signing one. In reality, prenuptial agreements have become commonplace over the past few decades as couples are deciding to get married at an older age with larger cumulative assets to bring to the table. With divorce statistics continuing to sit around 50 percent, it is important that couples are fully informed about prenuptial agreements and consider their legal options before saying, “I do.”

Prenuptial Agreements Are Only for the Wealthy

As described above, many still believe that prenups are reserved for the rich and famous. In today’s world, this is far from the truth for a number of reasons. Because couples in the past got married at a much younger age, many of these individuals came into their marriages with hardly any savings or assets. Now that many couples are waiting to tie the knot at a more mature age, they are bringing significantly more debts and assets into the marriage than ever before. Signing a prenuptial agreement is a way to protect both yourself from losing your lifelong savings and your spouse from being saddled with your debt in the instance of divorce. Another reason that divorce rates have risen, and thus the need for a valid prenuptial agreement, is an increase in gender equality. In the past, when women lacked the social ability to earn a liveable wage and support themselves independently, divorce was not a valid option. Now that society has modernized and equality between men and women in the workplace has improved, women are more able and willing to file for divorce if necessary. This increased possibility for divorce is yet another reason why prenups have become more common.

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