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Satisfying both parties' concerns in a prenup

Entheo
New User

Post #1 of 4 (21593 views)

Satisfying both parties' concerns in a prenup

hello,

i have recently become engaged; it will be my second marriage (first ended in divorce). i have considerable assets whereas my fiancee does not have any. my question is this: my concern is protecting my assets in case of a 'catastrophic event' (i.e. divorce; not death!) and my fiancee wants some assurance that if we are married many years and i get the '70 year itch' and divorce her Shocked

that she won't be financially destitute. we wondered if there is something like a vesting structure, or other phased approach. i have not seen pre-nups that support this type of thinking. might anyone have any suggestions?

also, is it true (in Illinois in particular) that pre-existing assets our not liable in a divorce? does one need to document that (pre-nup or other vehicle) prior to marriage?

thanks in advance for any advice.

(This post was edited by Legal on Sep 19, 2005, 12:19 PM)

Legal
GettingRemarried.com Legal Advisor

Post #2 of 4 (21571 views)

Re: [Entheo] Satisfying both parties' concerns.... [In reply to]

You and your fiance should sit down and agree on the terms each of you would like to incorporate into the prenup; you can generally include some type of phased approach -- allowing your fiance a greater property settlement upon divorce depending upon the length of the marriage and can even agree to have the agreement terminate after a certain period of years. After you have the details worked out, each of you should hire your own separate lawyers to represent each of your interests in preparing a clear, valid, binding agreement.
M. Giordano
Legal Advisor

Entheo
New User

Post #3 of 4 (21568 views)

Re: [Legal] Satisfying both parties' concerns.... [In reply to]

Thanks for your reply! Regarding a phased, or vesting, approach, might you know of any examples of such to give us some idea of how that phasing might be structured?

Thanks again in advance...

(This post was edited by Entheo on Sep 19, 2005, 12:10 PM)

Legal
GettingRemarried.com Legal Advisor

Post #4 of 4 (21563 views)

Re: [Entheo] Satisfying both parties' concerns.... [In reply to]

This is something your attorney should provide.
M. Giordano
Legal Advisor