Protection of Investments and Businesses in Chicago
There are two kinds of asset protection that come up in divorce: protecting assets from creditors, and protecting them from being split up as part of the property division process, or factored into child support or spousal maintenance calculations.
Many people do not think about asset protection throughout their married years, and the definition of nonmarital property — assets that belong only to one spouse and are not shared with the other spouse, or are acquired by inheritance, gift, or before marriage — can become vague. The reverse can also be an issue — where an asset is nonmarital but contributions of money or effort were contributed during the marriage. Sometimes parties are generous and impulsively add the spouse’s name to the account. Such practices weaken one’s identity and prove very costly later.
At Boyle Feinberg Sharma (BFS), our family lawyers located in Chicago and Arlington Heights work with clients in Illinois to strengthen their inventory of nonmarital assets, so that they have a better chance of keeping what is actually theirs.
Prenuptial Agreements & Asset Protection Trusts
The best approach to asset protection is always to plan ahead — to clearly designate nonmarital property in prenuptial or other agreements in Illinois. Another option is to create a domestic asset protection trust, which insulates your assets against future claims.
Care must be taken that these agreements and trusts are created clearly and without any kind of fraudulent transfer. The trustee must be meticulous and account for its actions in full to all beneficiaries. Fairness and prudence must be your guides.
An experienced divorce firm like Boyle Feinberg Sharma (BFS), can assist you in drawing up plans.
Serving Chicago · Arlington Heights · Buffalo Grove · The Entire North Shore
The North Shore family lawyers of Boyle Feinberg Sharma (BFS), place a special emphasis on protection of investments and businesses in divorce. For more information, call our attorneys at 312-376-8860 or 847-394-3940. Or describe your issue in a note using this online form.