Our Prenup Doesn’t Cover Our New Assets. What Now?
Prenuptial agreements are becoming more popular as much of the negative stigma regarding these agreements is being replaced by the more rational perception that these agreements are a great way for individuals to protect important assets when going into a marriage. Our trusted and experienced Chicago family law attorney is prepared to help you through such a difficult situation.
In the state of Illinois, prenuptial agreements are administered by the Uniform Premarital Agreement Act. These agreements are commonly considered simple and straightforward based on the parties’ needs and involvement. Many times, they are favored by the courts because of their convenience when it comes to property division.
One situation involving prenuptial agreements that is not simple is cases where considerable assets are accumulated by one or both parties after the prenup is signed and the couple has been married for some time.
Although there is leeway allowed when couples craft prenuptial agreements, for the most part assets that are accumulated after the marriage has been initiated and a prenup was signed are then considered marital assets and are subject to the property division laws to be governed by a divorce court.
Matters of this sort can become quite complicated and a married couple might decide it best at some point to redraft a standing prenuptial agreement instead of one day finding themselves in divorce court fighting over the assets that are not covered by the prenup. In cases such as these, it is important not to attempt to handle these problems without the counsel of a skilled professional. A Chicago family law attorney from Doman Law who is knowledgeable about the applicable laws of the state of Illinois will be able to instruct couples that find themselves in this or similar situations as to the best way for one or both individuals to accomplish maximum asset protection and assure that a fair division of property has been agreed upon by both parties will occur in the event of a future divorce.
Individuals in need of discussing a possible redrafting of a previously signed prenuptial agreement or who just need to discuss the options available to them can do no better than to contact our Chicago family law attorney at Doman Law today.