Before you marry and during the marriage, it pays to stay on top of your assets. This rule applies to multimillionaires and small business owners alike. A prenuptial or premarital agreement may be crucial to your finanacial security and must be executed carefully to avoid being thrown out by a court when relationships end in divorce.
Prior to marrying it is important to exercise due diligence when drawing up a premarital agreement. Do not hide assets – be completely transparent. Take your time drawing up the prenup, enlisting the expertise of an experienced, knowledgeable attorney to avoid problems down the road.
According to experts in the field, the top two reasons that prenups don’t hold up in court is because of hidden assets and hasty agreements. It takes time to collect all financial documents, hire competent lawyers and reach an agreement – six months is not extraordinary to fully research and execute a premarital agreemnent.
Sometimes, there is reluctance to enter into a premarital agreement to begin with, not wanting to put a damper on a newly forged relationship. However, there is a growing trend toward the practice. Although, hard prenup figures are scanty, a 2013 survey of divorce lawyers by the American Academy of Matrimonial Lawyers found a 63% increase in prenuptial agreements in recent years.
Many expect that the number will rise with the recent Supreme Court ruling on same-sex marriages. Many gay couples have been together for several years, if not decades, and have established a significant estate. Not surprisingly, many are expected to execute preups.
Bottom line, all the attorneys recently polled by Fortune believed that the the wealthier the clients – the more likely they are to have prenups. Having a ironclad, carefully drafted prenup can save you money and stress down the road.
If you are considering a Illinois prenuptial/premarital agreement, contact the Law Office of Schlesinger & Strauss, LLC for help today!
Source: Fortune.com,“What we can learn about prenups from the Ben Affleck-Jennifer Garner divorce”, by Laura J. Vogel, JULY 4, 2015.
