Prenuptial agreements preserve property interests

| Mar 16, 2020 | High-Asset Divorce |

Protecting one’s personal interest is important throughout every stage of life. However, this is often overlooked when heading into marriage. While it is admirable that many couples feel strong and secure in their relationships when saying “I do,” it does not erase the fact that many divorcees started out in happy marriages. This is why Illinois couples may benefit by considering how prenuptial agreements can protect their property interests.

When one person brings considerable wealth into his or her relationship — particularly if he or she comes from a wealthy family — a prenuptial agreement may be appropriate. It is often more than just a person’s inheritance that is on the line. For example, a family business that generates wealth could be at risk during a divorce, because a soon-to-be ex-spouse could possibly go after some of those assets in property division.

A prenup is also appropriate for business owners. Even if a business is small or not necessarily worth much, it has the potential to grow into something much bigger during the marriage. An owner might expect to maintain the business as separate property that would stay with him or her after a divorce, but growth over the course of the marriage could be at risk. Anyone who is planning to start a business in the future can also use a prenuptial agreement to protect any future ventures.

No matter how popular media tries to paint them, prenuptial agreements are not indicators of deeper problems. Many Illinois couples with prenups go on to have successful, lasting marriages. But being prepared for different possible outcomes in life is smart, especially when dealing with valuable property interests.

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