When well-known, high net worth couples announce their intention to file for a divorce, the first thing people in Illinois and elsewhere might wonder is whether the couple has a prenuptial agreement in place. This is the question asked after reports appeared of the imminent divorce of Jeff and MacKenzie Bezos. How will property division affect the personal assets and the company that Bezos started from his garage back in the 90s?
Many misconceptions and myths exist when it comes to prenuptial agreements. Although these contracts are usually signed to prevent contention and disputes about property division in the event of divorce, they can serve numerous other purposes. Anyone in Illinois who is planning to get married might benefit from making a prenup a priority before walking down the aisle.
Regardless of how amicably Illinois couples manage to end their marriages, it will nearly always be a painful and challenging process. Property division might be one of the aspects that is most challenging. It might be even more difficult if you are facing a high-asset divorce. Making crucial decisions without adequate information could be detrimental, but help is available.
No divorce is ever simple, even uncontested divorces in Illinois have some aspects that need careful consideration. The challenges typically involve property division, especially if the couple or one spouse owns a business. If not handled with care, a small business owner can lose everything that he or she worked to build up over years.
Many people in Illinois wait until they have established a career before they enter into marriage. By that time, both parties might have acquired assets such as a home, a vehicle and possibly a business. It would only be natural to want to protect those assets, and the best way to ensure fair property division in the unfortunate event of a divorce is to sign a prenuptial agreement. The same applies to those entering into second or subsequent marriages.
There are many challenging decisions to make for anyone in Illinois who is in the throes of divorce. It is probably debatable whether child-related issues or property division matters are the hardest. The spouse who wants to keep the family home has additional things to consider, the first of which is getting a separation agreement that the mortgage provider would need along with an application for a new loan. Matters such as paying or receiving support will feature in the institution's decision to grant a new mortgage.
Prenuptial agreements have become essential parts of many marriages in Illinois. They have also become as crucial in divorces and property division. No longer are prenups regarded as contracts for the rich. They are legally binding agreements that will protect the assets that each spouse brings into the marriage and determines how any assets and property they acquire during the marriage will be split in the event of a divorce. It could also protect a spouse who gives up a career to take care of the family home and the children.
Mistrust is something that is common among spouses who are going through a divorce, and it is often justified. Many people in Illinois have had to go to great lengths to discover assets that soon-to-be exes tried to keep out of the property division process. Both spouses are expected to disclose all assets, including bank accounts, real estate, cars and more, and some steps can be taken by someone who suspects assets to be concealed.
Many divorces in Illinois are amicable, with former spouses maintaining friendly relationships as they move forward with their lives. However, a case in another state shows that this desire to get along must not prevent each party from ensuring his or her interests are protected even after the divorce. This case involved a property division ruling by the court about the marital home.
Divorce in Illinois, under any circumstances, can be a challenging process to navigate. While the best advice might be to handle property division negotiations as a business transaction, it could be tough to keep emotions at bay. This applies especially if there is a family enterprise involved.