A pre-marital agreement will protect assets if a divorce occurs

On behalf of The Walters Law Group, Ltd. posted in Divorce on Tuesday, June 11, 2013.

When it comes to marriage in Illinois, many couples fail to discuss entering into a pre-marital agreement. In many instances, people believe that a prenuptial agreement is not needed as discussing such an agreement signals an uncertainty about the upcoming nuptials. No couple wants to discuss the possibility of a divorce before even walking down the aisle.

Regardless of whether or not a couple feels that a prenuptial agreement applies to them, the fact remains that nearly half of all marriages end in divorce. Further, nearly half of the couples that do separate regret not discussing personal finances before tying the knot.

When two people decide to get married, they are entering into a pre-marital agreement. If the couple signed a prenuptial agreement, they would be entitled to the assets outlined in the agreement. For example, if one spouse has already amassed property or makes significantly more money than the other, they may want to protect these assets against the possibility of a future of a divorce.

If they do not discuss a prenuptial agreement, however, the couple is still entering into an agreement where each spouse is entitled to any assets that were accumulated or brought into the marriage based upon the law in the state in which they live. For example, Illinois is an equitable distribution state, and thus, the court will attempt to divide all assets based on the special circumstances of each case.

When it comes to divorce, however, there are usually other factors involved other than just financial assets and property. An experienced Illinois attorney will be able to help guide their client through a number of important issues that often go along with divorce, including child custody and visitation schedules, child or spousal support, orders of protection and more.

Source: Huffingtonpost divorce, “Everything is a matter of perspective“, Mark Baer, June 03, 2013