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IL divorce lawyerThe time leading up to your wedding can be a joyous and happy time, while simultaneously a stressful and overwhelming experience for many people. In the days and months leading up to your wedding, you likely have event planning things on your mind, such as picking out the color of the table linens or making a final determination for the guest list. What many people do not think about before they get married is the financial aspect of things. When you get married to another person, you are suddenly financially intertwined with that person and are subject to things such as property division and spousal support in the event you were to ever get divorced. One way to protect your financial health is by signing a prenuptial agreement before you tie the knot. Prenuptial agreements used to carry a negative social stigma, but more people have begun to see their benefits in the past several years.

Prenuptial Agreements are Becoming More Commonplace Among Couples

Just as Bob Dylan once sang in one of his most famous songs, “the times they are-a changin’,” the marital landscape in the United States is also changing. Not too long ago, many people thought it was unsavory or tacky to get a prenuptial agreement before they were married. After all, why would you make plans for the end of the marriage before the marriage has even begun? In recent years, there has been a surge in interest in prenuptial agreements, especially among younger couples. According to a survey conducted by the American Academy of Matrimonial Lawyers, around 62 percent of lawyers who responded reported that they saw an increase of prenuptial agreements between 2013 and 2016, while about half of them reported that they saw an increase in prenuptial agreements among millennials, specifically.

There are a couple of possible reasons for this surge in prenuptial agreements. First, the divorce rate in the United States has greatly increased over the past couple of decades. Depending on the source you consult, the current divorce rate is anywhere between 40 and 50 percent. Second, people are waiting to get married until they are older and consequently have accumulated more assets and property that they need to protect. The average age of individuals when they go to get married for the first time has increased significantly over the past 50 years. According to the U.S. Census Bureau, the average age a man was first married increased from 23.2 in 1970 to 30.3 in 2019, while the average age of a woman at her first marriage increased from 20.8 to 28.4, respectively.

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