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Protecting money without a prenuptial agreement in Illinois

Although a prenuptial agreement is a great way to protect assets in a divorce, there are other options available as well. One of the best ways to protect assets during a divorce is to keep separate funds in a separate account. As soon as funds are commingled, they could become eligible for division in a divorce even if they were originally separate property.

To protect real estate without a prenuptial agreement, there are two things that need to be done. First, the other spouse should not be put on the deed of any home owned prior to the marriage. By doing so, a court may rule that the other spouse was awarded half its value as a gift. Second, any money spent maintaining that property should come from a separate account as well.

Individuals are encouraged to keep bank statements showing how much money was in a retirement account on the date a couple gets married. This may verify that some assets in that account should be considered separate property that should not be divided in a divorce settlement. Furthermore, it may be worthwhile to get a valuation of any business that was owned prior to the start of a marriage. In some cases, a judge may rule that the other spouse is only entitled to half of its value on the date of the marriage.

Anyone who is going through a divorce may wish to hire a family law attorney. An attorney may be able to help an individual get everything that he or she is entitled to under state property divisionlaws. Individuals may be entitled to spousal support and child support in addition to an equitable share of any property such as real estate that was acquired during the marriage.