Nobody envisions that divorce will happen in their future. And nobody wants to sacrifice everything they have worked hard for just because they are going through a divorce. Protecting assets in a divorce can be tricky, but attorney Brian A. Grady has the experience and in depth knowledge of finance to ensure your property is protected.
Illinois is an equitable distribution state, which means marital property is divided fairly among both parties. Because it is difficult to keep assets separate throughout the marriage (most things are likely to become co-mingled, whether intentional or not), protecting your assets ahead of time is essential. This can be done by setting up trusts, setting up a buy-sell agreement for businesses, creating an estate plan, or entering into a prenuptial agreement. All of these actions will help when it comes to protecting assets in a divorce and attorney Brian A. Grady can make sure they are structured properly, so you don’t risk losing everything in a divorce.
Prenuptial agreements help immensely for protecting assets in a divorce
Attorney Brian A. Grady knows the Illinois Law and the court system as well as anyone in the state. He also has a financial background, which makes him uniquely qualified to work with high net worth clients who need a strong asset protection plan. Written agreements, such as prenuptial agreements, will provide asset protection if a divorce occurs.
The prenuptial agreement (or postnuptial agreement) between two people prior to the marriage will determine who will receivewhat assets when the marriage ends. This agreement is able to put in place some key financial protections.
- Division of property – The prenup can specify what is non-marital property and how the marital property will be divided in case of divorce. It can also state what will happen to certain assets or debts.
- Property rights – Regardless of when it was acquired or where it is located, a prenup may specify each partner’s rights and obligations regarding that property. These rights include: buying/selling, usage, transfering, leasing, controlling, or disposing of the property.
- Spousal maintenance – If one spouse may be eligible to receive maintenance (or spousal support) a prenup can specify the amount and duration of the maintenance or it may eliminate that right all together.
- Wills and Trusts – A prenuptial agreement can require either spouse (or both) to set up a will or trust to ensure the provisions of the agreement are carried out.
Crafting a legally binding prenuptial agreement can be vital if the need for divorce arises. With the assistance of attorney Brian A. Grady, you can make sure you are following through with a prenuptial agreement in a way that protects your assets and keeps them safe from creditors and other investors.
Attorney Brian A. Grady knows that trusts are key to protecting assets in a divorce
A trust is a way to guarantee that your assets will be used as efficiently as possible to meet your wishes and provide for yourself and those you love. When you set up a trust, you put your assets into the care and custody of a trustee, which can be a third party person or company. The trustee manages and protects your assets and distributes them only for the benefit of specific people identified in the trust. Therefore, if you enter into a marriage with assets you want to protect, setting up a trust can ensure your partner does not have access to those assets if you divorce. If you don’t want to risk losing everything you’ve worked hard for (property, a family business, heirlooms, or other assets) a trust can help you protect your assets.
Having an estate plan is another way to protect your assets
An estate plan can be made for individuals or for a business. In a business setting, it can help protect both assets and future income for children. If you have children and you plan to work in the business (for example, if you own a business), then having an estate plan will help to protect the assets of your children in the event of a divorce. When planning for a family, estate planning is something you want to make sure you do early so you don’t have to scramble at the last minute. An estate plan is a very important tool that can be used to make sure that the assets you have built up throughout your life will be protected.
Attorney Brian A. Grady can help you properly prepare, so if you divorce, your assets will be protected
Divorce is already a difficult enough process without the added stress of losing your money, property, business, or other assets you’ve worked to acquire. Attorney Brian A. Grady can help you execute a plan to secure your finances and your future. Contact the Law Office Of Brian Grady to ensure everything you built before and during the marriage is preserved.