Importance of a…

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Importance of a Prenup for High Net Worth Divorce

In a high net worth divorce, a prenuptial agreement can be critical to ensuring that certain assets are not divided in the divorce or part of the property settlement. A prenuptial agreement, also known as a prenup, is governed by the Illinois Uniform Premarital Agreement Act. When you have an enforceable prenuptial agreement and are going through a high net worth divorce, you can be certain that valuable assets will not be subject to division, that spousal support has already been considered as part of the prenup, and that you will not have family property or wealth distributed to your spouse. In any high net worth marriage or divorce, you should work with an Orland Park divorce attorney to draft an enforceable premarital agreement and to ensure its enforceability in a divorce case.

Drafting an Enforceable Premarital Agreement With High Net Worth Spouses

Before you ever get to the stage of divorce, it is important to begin working with a family lawyer in Orland Park on a high net worth prenuptial agreement prior to your marriage. When one or both of the parties is bringing a significant amount of wealth to the relationship, it is critical to agree in your prenup whether any of those assets will be divided in the event of a divorce, and how those assets may be distributed. 

When you are developing a prenuptial agreement, you will want to be certain that it is enforceable. To ensure that a high net worth prenup is enforceable, it is critical for both spouses to be honest with one another about the assets they are bringing to the marriage, and both parties should have their own lawyer review the agreement before anything is signed.

Disposition of Property in the Event of a Divorce

One of the primary benefits of a prenuptial agreement in a high net worth divorce is that the parties can reach an agreement about the disposition of property so that it does not go through equitable distribution. Examples of property in high net worth divorces that can be considered in a prenuptial agreement include:

  • Investments;
  • Stocks;
  • Real property;
  • Automobiles;
  • Business assets; and
  • Art and collectibles.

In your prenup, you can identify specific assets and can clarify that they will not be distributed in the event of a divorce. Or, a prenup can specify that particular assets will only be distributed after a specific length of marriage, or only in part. Illinois’s premarital agreement law gives the parties flexibility in reaching an agreement about their rights and responsibilities with regard to certain assets and debts, as well as the disposition of various types of property, in the event of a divorce.

Modification or Elimination of Spousal Support 

A high net worth prenup can also include an agreement about the modification or elimination of spousal support, which can be particularly important in situations where one of the parties was the primary earner or brought significant assets to the marriage. However, it is important to keep in mind that a prenup found to be unconscionable may not be enforced by the court.

Seek Advice from a Prenuptial Agreement Lawyer in Orland Park 

If you are going through a high net worth divorce, you should speak with an Orland Park divorce lawyer about the importance of a prenup. Contact Demetrios N. Dalmares & Associates, Ltd. today for more information.

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