Hinsdale is a village in the top one percent of wealthiest towns in Illinois. Known for its beautiful homes and scenery, as well as its proximity to Chicago, Hinsdale is home to around 16,000 residents, who make up approximately 5,000 households. Almost three-quarters of those households are made up of married couples. While the residents of Hinsdale are wealthier than most other people living in Illinois, money cannot insulate you from family law disputes. Since many residents of Hinsdale have substantial assets, they may face complicated considerations when entering into a marriage or deciding to divorce. If you need help with a family law issue, it is essential to engage a Hinsdale divorce lawyer who has the skills required to address the unique circumstances of your case. The proficient family law attorneys at Kollias P.C. are experienced in handling high-asset divorce cases and will vigorously pursue your desired outcome.Agreements Protecting Assets Before Marriage
In any situation in which one or both of the parties contemplating a marriage have substantial assets, it is prudent to enter into an agreement prior to getting married that will protect those assets in the event of a divorce. A prenuptial agreement is a contract between two people prior to getting married that sets forth which property is to remain separate during the marriage and how any debts or assets will be distributed in the event of a divorce. Since a prenuptial agreement is contingent on an actual marriage, it is not effective until after the marriage occurs. While many people think that prenuptial agreements are only meant to protect the spouse with greater assets, they can also protect the spouse with fewer assets, since they can include provisions granting spousal maintenance in the event of a divorce. It may be prudent to retain a divorce attorney in the Hinsdale area to help you set up a prenuptial agreement to protect you, since divorce proceedings are often contentious, especially when substantial assets are at stake.
If you wish to enter into a prenuptial agreement, it is essential to follow the proper procedures under Illinois law to avoid a court rendering the agreement invalid in the event of a divorce. First, the agreement must be in writing, and it must be signed. Additionally, a court will not enforce a prenuptial agreement if it finds that it was finalized due to fraud or duress, or that it is unconscionable. An agreement may be found to be unconscionable if either party did not fully disclose his or her debts or assets, unless the other party waived the right to disclosure. If you are getting married, and your spouse or you have substantial assets, it is in your best interest to speak with a seasoned Hinsdale divorce attorney to discuss whether you should enter into a prenuptial agreement before your wedding.Spousal Maintenance
In the event that your spouse and you did not enter into a prenuptial agreement prior to getting married, and you are now in the process of seeking a divorce, the court may choose to award the lesser earning spouse spousal maintenance. In Illinois, permanent spousal maintenance is usually only awarded following the end of a long-term marriage, in cases in which one spouse has far greater assets and earning potential than the other spouse. The court will consider many factors in determining whether to award permanent maintenance, including each party’s ability to earn an income, the standard of living to which the parties are accustomed, and each party’s separate assets. While it is called "permanent," spousal maintenance that is awarded following the dissolution of a marriage may be changed or stopped in certain circumstances.Discuss Your Options with a Divorce Lawyer in the Hinsdale Area
If you have significant assets that you want to protect in the event of a divorce, it is in your best interest to confer with a skilled family law attorney to discuss the most beneficial manner in which to proceed in your case. At Kollias P.C., we can aggressively pursue an outcome that is beneficial to you and protects your assets. We can be reached at (630) 407-1200 or through our online form to set up a confidential meeting regarding your case.