Asset Protection Through Marital Agreements
A marriage unites more than just two lives: With the exchange of vows, couples frequently choose to commingle assets and finances, leaving property owned before the marriage liable should the marriage end.
By utilizing either a prenuptial or postnuptial agreement, spouses can dictate how issues related to property division and financial support will be handled if the couple chooses to part ways. Goldstein Law Offices can help you draft, review or enforce a marital agreement.
Resolving Issues In Advance
The purpose of a marital agreement is to resolve divorce-related issues in advance by outlining the rights and obligations of each spouse in the event of a divorce. A prenuptial agreement allows couples who intend to marry to address issues before the marriage, whereas a postnuptial agreement accomplishes similar objectives after the marriage takes place.
In addition to minimizing conflict during a divorce, prenuptial and postnuptial agreements proactively protect your financial security and way of life. A comprehensive marital agreement can protect property acquired before the marriage and preserve assets for children from a previous relationship.
Potential issues to be addressed could include:
- The amount and duration of spousal support
- Debt and asset division guidelines for separate and marital assets
- Heirs and asset distribution should either spouse pass away
- Provisions for private practices and businesses
A divorce can be financially crippling for business owners and professional practice owners. Both those emerging in their careers and those with established enterprises can benefit from having a marital agreement place. We can help you shield the organization and protect financial assets.
Typically, judges and courts act favorably towards marital agreements so long as the agreements are fair, all assets and debts were disclosed and each spouse had the opportunity for representative counsel. However, validity and enforceability vary greatly based on the particulars of each divorce case. Lopsided agreements and agreements signed under duress or involving fraud will not be enforced by Illinois courts.
To ensure your assets are well-protected, you need help from an experienced attorney who understands the applicable rules laws. To see how we can protect and promote your interests, schedule a no-cost initial phone consultation. Email us or call our office in Highland Park at 847-926-0300 to schedule yours.