Prenuptial agreements are powerful planning tools for protecting wealth. Significant assets may be on the line during a high asset divorce, including property interests, retirement plans and more. A high-profile couple in Illinois can avoid dealing with complex asset division during divorce by addressing the matter prior to marriage.
Asset division is one of the biggest reasons couples decide to create prenuptial agreements. For example, if a couple would prefer to divide marital assets in a way that differs from state law, then they can do so in a prenup. This includes things like detailing what is separate property and to whom it belongs. One person can also protect him or herself from a spouse’s debt, provide for children from past relationships and protect an estate plan.
Although a couple may divide assets according to their own preferences, they cannot use a prenuptial to bypass certain laws. Parents cannot decide on things like child support or custody in a prenuptial agreement, and if they do include these matters then they should not expect a judge to enforce them. There are a number of different factors that go into custody and support, and these agreements must be either approved or decided by the court.
A high-profile couple can use a prenuptial agreement to broadly address a number of different matters, such as debt, assets and more. Implementing the necessary protections can make a high asset divorce proceed much easier than it might otherwise. It is important to ensure that an agreement is enforceable, so before signing one — or before even negotiating the terms — it makes sense to consider getting a knowledgeable Illinois attorney to represent one’s personal and financial interests.