Can a Prenuptial Agreement Protect My Business in a Divorce?

 Posted on December 28,2023 in Illinois Divorce

Divorces can be complex, and if you share a business with your partner or own a business before marriage, you have important assets to consider. A prenuptial agreement can protect your business’s assets during a divorce. Still, it is important to know how to draft your agreement to receive the best benefits and protection for your business. An experienced Illinois divorce attorney can help you with this.

What Is a Prenuptial Agreement?

A prenuptial agreement is an agreement that both spouses draft and agree to before a marriage is finalized. A prenuptial agreement helps protect both spouses’ interests in the case of a divorce and helps allocate which property and assets belong to which spouse.

You may want to strongly consider signing a prenuptial agreement if you have rental properties or other high-value assets in your name, you want to be protected from debts your spouse may have in a divorce, or you want to divorce if it occurs.

It is important to note that Illinois is an equitable property state, not a community property state, and all properties or assets not included in your prenuptial agreement may be subject to equitable decision. Keep in mind that equitable does not necessarily mean equal, and the court’s judgment plus other factors of your divorce may influence the division of assets.

Protecting Your Assets During a Divorce

As a business owner, you no doubt want to protect your assets during a divorce. Working with an experienced lawyer is essential to ensure that your business and any future income from your business are protected in the event of a divorce.

Suppose you do not have a prenuptial agreement regarding your business but are already involved in a divorce. In that case, seeking legal counsel as soon as possible is essential to learn how your business can be protected from division.

Contact a St. Charles, IL Divorce Attorney

Divorce is a stressful process made more complicated by the presence of high-value assets, such as a business. A prenuptial agreement is one of the best ways to protect your business assets and future business income in the case of a divorce, but you may not have one of these agreements in place. If you need assistance understanding your next steps and how to protect your business during a divorce, contact an experienced Kane County, IL divorce lawyer at Weiler & Associates, Inc.. Call 630-331-9110 for a consultation.