Despite the fact that approximately half of all marriages end in divorce, many American couples believe that a divorce is entirely impossible for them and their spouse. Unfortunately, divorces are just a natural way of life. Whether brought on by dishonesty, financial issues, or differing philosophies on how to raise children, divorces are incredibly common throughout the United States. Yet still, the vast majority of couples fail to put any preliminary plan into action to prepare for the possibility of a divorce. Below we will define and examine what a prenuptial or postnuptial agreement could mean for you and how your attorney can assist you in crafting a premarital or postmarital agreement.

What Are Prenuptial and Postnuptial Agreements?

A prenuptial agreement is an agreement made prior to the marriage. This agreement usually determines how various issues such as allocation of marital assets and property will be resolved in the event of a marriage dissolution (death, divorce, etc.). A prenuptial agreement is increasingly important in a marriage in which one party is entering the marriage with a significant amount of resources, such as another property or a business developed prior to the marriage. Prenuptial agreements are also often crafted in circumstances in which a person is entering a marriage with children from a prior marriage. The prenuptial can dictate that a significant amount of their assets will be passed down to their children rather than just their soon-to-be spouse. A postnuptial is a comparable agreement, the only difference is that a postnuptial is crafted after the wedding is official and the couple is married.

On an annual basis, thousands of Americans make the difficult decision to pursue a divorce. A divorce can be an emotionally turbulent process. Without proper planning and competent legal guidance, one can come out of a divorce in less than ideal financial standing. As you prepare for the divorce process, it is critically important to speak with your legal team regarding the aspects of your separation, that are most important to you.

Crucial Factors in Divorce Litigation

Throughout your divorce, you need to understand the way in which certain aspects of your divorce can seriously impact your future. Fortunately, a quality legal team can help you smoothly navigate these issues.

The Illinois Supreme Court has defined dissipation as the “use of marital property for the sole benefit of one of the spouses for a purpose unrelated to the marriage at a time that the marriage is undergoing a breakdown.” Gambling is an example of a dissipation.

Gambling can hinder marriage, finances, and family life. If you are in the process of divorcing a spouse with a gambling problem, you likely have many questions about how gambling affects divorce. Let’s take a closer look at how a spouse’s gambling addiction, as well as the behaviors that stem from it, play a role in divorce proceedings.

Harvard Business School recently conducted a study asking 3,000 divorced couples why they split. They found that arguments over household chores were the top reason one-quarter of the marriages did not work out. Let’s take a closer look as to why this may be.

Couples Lead Busy Lives

If you are a business owner, you should know that a divorce can hurt you financially if certain precautions are not taken. To protect yourself and your business, be sure to follow these seven useful tips.

1. Design a Prenuptial Agreement