Lake County Illinois Prenup Attorney
Premarital agreements are an effective, legally sound means for protecting assets, assigning debts upon entry into marriage, and electing certain designations for the purposes of probate. As a result, a full financial disclosure on the part of both prospective spouses is necessary. Additionally, in order to avoid a conflict of interest, each spouse must be represented by his or her own lawyer. Understood from this perspective, a prenuptial agreement specifies what will happen if you should get a divorce or one of you dies and your estate must be probated. While a prenup is subject to approval by the court in a divorce, it allows one or both prospective spouses to exempt certain assets brought into a marriage, as well as retirement benefits or an inheritance. An Illinois prenuptial agreement helps protect your financial interests while making it clear from the start what will be retained by each spouse in the eventuality of divorce.
If you are interested in a premarital agreement and are unsure where to start, contact Libertyville, Illinois prenuptial agreement attorneys at Schlesinger, Strauss & Hoyt LLC, today.
How can a Prenuptial Agreement help Me?
While it’s true that a prenup can’t cover everything, it can provide an inventory of assets that can be tracked after a co-mingling of assets. For example, if you inherit $50,000 from a great aunt prior to your marriage, without a prenuptial agreement your inheritance could be counted as marital property once you combine your bank accounts or use the money to remodel your home. A prenuptial agreement allows you to essentially shelter your inheritance.
Additionally, a prenuptial agreement allows you to specify whose name is on what accounts and who is responsible for certain debts brought into a marriage. If you plan on buying a home or one of you brings a home into the marriage, you can put both names on the home and list obligations for each person accordingly both before the marriage and what happens if you divorce.
First Steps in Creating a Prenuptial Agreement
The first thing to discuss with your prospective spouse is a full financial disclosure of each other’s finances. This begins with requesting a credit report and sharing all pertinent information with each other through your respective attorneys. At Schlesinger, Strauss & Hoyt LLC, we help clients through each phase of a prenuptial agreement, from pulling a credit report to final approval by the court.
To schedule an appointment and learn how we can help you, contact Libertyville, Illinois prenuptial agreement attorneys at Schlesinger, Strauss & Hoyt LLC, today.