Yorkville Prenuptial Agreement Lawyers

Attorneys Helping Clients Create Prenups to Protect Their Assets in Yorkville, Illinois

When planning a wedding, a couple will usually be preparing to begin a life together, believing that they will stay in their relationship for the rest of their lives. During this process, talking about what might happen if the marriage does not work out may not seem like a good idea. However, making plans for every possibility can actually strengthen a relationship, since it can help a couple build a marriage based on honesty and a shared understanding of financial concerns. A prenuptial agreement can provide a number of benefits, including protecting a family business and preserving inherited wealth for future generations.

The attorneys at Gateville Law Firm help couples in Yorkville and the surrounding areas create premarital agreements that will meet their specific needs. With our understanding of Illinois family law and the ways prenups can intersect with estate planning, we can work with clients to put agreements in place that will help them prepare for the future. We have assisted business owners, farm families, couples entering second marriages, and others in addressing concerns related to their property and finances, and we work to put solutions in place that will be fair for both parties while protecting what matters most to our clients.

Understanding Prenuptial Agreements

A premarital agreement serves as a contract between spouses that can detail how certain financial matters will be handled during their marriage while also making decisions about what will happen if the couple gets a divorce. A prenuptial agreement must be in writing, and it must be signed by both parties before getting married. It will take effect once the couple becomes legally married. After the wedding, the agreement can only be changed or revoked through a new written agreement signed by both spouses.

How a Prenup Can Protect a Business or Family Wealth

During a divorce, much of the property owned by a couple will be treated as marital assets that will need to be divided fairly between the spouses. While marital property generally includes assets a couple has purchased or acquired during their marriage, some of the property that one spouse owned before getting married may be converted from separate property to marital property if it has become commingled with marital assets.

For example, if an asset that a person owned before their marriage increased in value because of investments of marital funds or efforts by both spouses during their marriage, part of the asset may be considered to be marital property. To avoid the division of certain assets, a prenuptial agreement can help ensure that a person's separate property will remain separate.

Protecting a Family Business

Consider a situation where a woman owns a landscaping company in Yorkville when she gets married. Over the next 15 years, she works long hours, and money earned by the couple is invested into the growth of the business. Over the course of the couple's marriage, the company's value triples. When the couple decides to get a divorce after 15 years, the husband could argue that he should be entitled to a share of the value of the business or that he should be reimbursed for the work and marital funds that were invested into the company's growth.

Disputes over the value of a business and whether it should be considered marital property can become complex, even if one spouse was a business owner before getting married. A prenuptial agreement can help to avoid this by stating that a business is separate property that will not be divided in a divorce. It can also detail how the growth of a business and investments in the company during a couple's marriage will be addressed.

Inherited and Generational Wealth

Many Kendall County families own valuable farmland, real estate property, investment accounts, or other assets, and wealth may be passed down through multiple generations. In many cases, people will want to ensure that the wealth they have accumulated and the assets they own will remain within their families. A prenuptial agreement can be used to ensure that inheritances, gifts, trust distributions, and the income generated through assets owned by a family will be separate property rather than marital property that may be divided in a divorce.

Other Issues a Prenup May Address

A premarital agreement will typically cover financial concerns that may affect a couple or family, including:

• Property Division: A couple can make decisions about how different types of marital property will be divided if they choose to get a divorce in the future. For example, they may include terms detailing who will maintain ownership of their marital home.
• Debts: Student loans, credit card balances, and business obligations may need to be addressed by a couple. A prenup may specify that a person who brought debts into the marriage will be responsible for repaying them if the couple gets divorced.
• Spousal Maintenance: A couple may decide whether one spouse will pay spousal support to the other after a divorce, and they can include terms stating how much will be paid and how long payments will last. They may also agree to waive the right to maintenance or specify that it will not be paid in certain circumstances, such as if the marriage ends because of one spouse's infidelity.
• Providing for Children: A person who wants to make sure they can provide for the needs of children from a previous relationship may want to include terms in a prenup stating that certain assets will be distributed to their children rather than being divided in a divorce.
• Dispute Resolution: A couple may put terms in place detailing how disputes over financial concerns may be addressed during a divorce, such as stating that they will use mediation to negotiate a settlement.

A prenup generally cannot make decisions related to a couple's children. A couple cannot put terms in place detailing how child custody or parenting time will be handled. These issues are addressed by family courts at the time of a divorce or separation to ensure that children's best interests will be protected.

Similarly, a couple cannot set terms for child support that would prevent a child from receiving the proper level of support from both parents. Child support is calculated based on both parents' incomes, and it is meant to ensure that parents spend a similar amount on providing for their children's needs after a separation as they would if they had remained married.

Frequently Asked Questions About Prenuptial Agreements

Contact Our Yorkville, IL Prenuptial Agreement Attorneys

A prenuptial agreement can protect a business, preserve family wealth, and help avoid conflict in a divorce. At Gateville Law Firm, our attorneys can help clients understand their best options for addressing these issues and protecting themselves during a marriage and potential divorce. Contact our Yorkville, Illinois prenup lawyers at 630-780-1034 to arrange a consultation.