Are There Any Ways To Protect Your Assets Before A Divorce?
Protecting your assets in a divorce in Illinois is possible; however, it is a complex process. There are certain risks involved, and your actions must be pursued with the utmost confidentiality and care. Finding the right attorney to help you through this is essential.
The attorneys of Lake • Toback • DiDomenico offer immense benefit to our clients with their detailed understanding of Illinois property division and family law. We prioritize the protection of your assets and pursuit of your goals throughout the divorce process. We know your situation is highly unique and that you need an equally unique level of service. We can show a way forward through these complexities.
Options For Protecting Assets
When you first begin this process, you will want to take stock of all your assets. Once you know what you have, you can consider options such as:
- Gifting property to your children
- Creating trusts
- Opening corporations
Many of these actions have a great deal in common with estate planning. While our divorce lawyers can help with these documents or choices, they are not estate planning attorneys. Our lawyers’ only goal is the protection of your assets.
That said, if you do take this path in preparation for your divorce, it is best to begin crafting something like a trust as soon as possible.
How Prenuptial And Postnuptial Agreements Can Help
The primary goal of a prenuptial agreement is to secure a person’s assets should a marriage end. These are signed before the wedding and are often a great relief. However, if you did not have a prenuptial agreement prior to your wedding, you may still pursue a postnuptial agreement, which is a similar document crafted with the same goals. Both documents outline the asset distribution for a given marital estate, as well as post-divorce support for children or exes.
A strong, thorough marital agreement can manage your difficulties and minimize your losses in divorce. Our lawyers are skilled at crafting these to the benefit of their clients.
Unique Assets Need Unique Protection
Retirement accounts and businesses are among the most unique assets that exist. Retirement accounts are the result of a lifetime of planning and saving, the culmination of many decisions by both you and perhaps your employer. A business is even more complex, with many moving parts that may include a business partner and a host of vital assets.
Protecting these assets is not easy. Nuptial agreements can help. Illinois’ equitable distribution model can help. However, the best protection you can get will come from the help of our skilled team of divorce attorneys. Call us at 800-896-9860 or send an email to get started.