The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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Yorkville prenup lawyer business ownershipMost people have some sort of understanding as to what a prenuptial agreement is. Countless movies and television shows have depicted prenuptial agreements as documents that a wealthy person insists on being signed before the wedding to protect him or herself from a potential “gold-digging” spouse. While that is one reason to get a prenup, there has been a rise in prenuptial agreements in recent years for other reasons, especially among millennials. Prenuptial agreements can be extremely helpful in many ways, including creating protections for your business in the event you get a divorce.

Is Your Business Considered Marital Property?

In Illinois, only marital property is subject to division in the event of a divorce. Marital property includes anything that was acquired after you were married but before a divorce is settled or legal separation is declared. That being said, if you had a business before you were married, the ownership of the business will typically stay with you. This does not mean all is safe, however. If your spouse played any role in the business while you were married, he or she could be entitled to a portion of the growth in the value of the business.

How Can a Prenuptial Agreement Benefit You?

If you own any sort of company at the time you get married, have a business in the works, or plan to start a business in the future, you should seriously consider getting a prenuptial agreement. If you currently have your own company, a prenuptial agreement can specify how you will value the business in the future if you get a divorce, preventing a third-party valuation process down the road. It can also allow you to specify a certain percentage that your spouse will receive if you do get a divorce. This can prevent your spouse from getting too much of the value of your business if you decide to split up.

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prenupAs many as half of all marriages in the United States end in divorce. While divorce still tends to have a negative stigma surrounding it, it is often the best choice that a person can make. You are better off being divorced and happy than continuing to live in a miserable marriage. Some people may think that a divorce is the end of their romantic lives, but many people use their divorce as an opportunity to reconnect with themselves and find a partner who is the right fit for them. If you are considering remarriage, it does not come without its own set of complications. Here are three things you should consider before you tie the knot again:

Make Sure the Timing Is Right

Experts say that you should wait about a year before you begin dating again after you have been divorced. This allows you to spend some time outside of a romantic relationship, which you can use to get in touch with yourself, rediscover your interests and determine what you want in your next romantic relationship. Remarrying too soon after a divorce can be a recipe for failure, but the timing can differ for everyone. If it feels natural to get remarried, then you are probably ready.

How Will Your Children React to the Remarriage?

Children can have a lot of opinions about a lot of things - and your remarriage will be no exception. Getting married again means inviting a new person into your life, but that also means that this person will be in your children’s lives as well. Before you get married again, talk to your children about how they feel and see what they have to say about the idea. While it is ultimately not their decision, it can be beneficial for both you and them if they are on board.

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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