Dividing your assets at divorce with prenuptial agreements

On behalf of The Walters Law Group, Ltd. posted in Divorce on Monday, August 12, 2013.

Prenuptial agreements are an important part of the proceedings when there is a high asset divorce. Illinois residents who are preparing for marriage or divorce may be interested to know some things to look out for when preparing a prenuptial or postnuptial agreement or attempting to negotiate property division at the dissolution of a marriage.

A prenuptial agreement that is very old and without any postnuptial modifications or clarifications is liable to be challenged by the spouse who is not benefiting from the agreement. Forensic accounting may be used by attorneys to investigate whether or not there was full disclosure of both spouses’ financial interests at the time that the agreement was made. In some cases, though, extra scrutiny is given to prenuptial agreements made when the couple was young that shield the assets of a high-earning spouse from a non-working spouse. Even agreements that look to be bad deals, however, are sometimes upheld by courts if challenged.

Other important considerations include the division of assets, attorney and other fees associated with the divorce and issues with the children. Some assets cannot be easily divided, such as a family home. These assets, as well as difficult to quantify assets like investments and business success, can be the subject of scrutiny by the courts. Child support and other expenses can also prove tricky for courts to assign during a divorce dispute.

The end of a marriage may involve many difficult emotions and legal issues pertaining to the division of assets. Child custody, spousal support and other divorce legal issues should not be overlooked during the divorce proceedings. The help of an experienced family law attorney may help to sort these important issues out.

Source: New York Times, “From a Prominent Divorce in the Affluent Class, Lessons for All“, PAUL SULLIVAN, August 09, 2013