Marriage is a huge commitment that involves several legal matters and, if not taken seriously, could result in a potential divorce. Therefore, couples often turn to prenuptial agreements prior to marriage in order to keep their assets accounted for and to potentially save the marriage. For many couples, this is an excellent opportunity to determine marital assets.
A divorce can be one of the most unpleasant experiences in a family’s life, especially when much time has been put into the relationship and in trying to give the best quality of life possible to everyone involved.
When going through a divorce, each spouse may have certain assets that he or she desires to keep—the marital home, family gifts, a boat, bank accounts, pensions, etc. Therefore, when it comes time to divide these assets, there may be tension. Hence, when dividing property and assets, each spouse needs to have a thorough understanding of the process.
Some divorcing couples are surprised to find out that a business can be part of their marital estate – the property acquired during the course of the marriage that must be divided upon divorce. It can be especially surprising if the other spouse never worked at or “officially” contributed to the business. Thankfully, a skilled divorce lawyer can help you assess what the scope of your marital property is and what may be excluded. Mediation may also be a valuable tool in preserving a business during a divorce. Learn more with help from the following.
Most Americans are familiar with the basic concept of property division in an Illinois divorce: the court will attempt to divide the property between the two divorcing spouses in a fair and equitable manner. But a business is a much more complicated asset to divide than, say, the value of a car or the value of a home. What is more, the value of a business on any given day may fluctuate and, over time, can vary widely from its value at a previous point in time.
In the world of celebrities and millionaires, in which whirlwind romances (and splits) are par for the course, prenuptial agreements find themselves at the center of focus for many couples. These contracts help decide who gets what, and when they may receive it after a divorce.