As a business owner, you may assume that your business assets are completely separate from your marital property, but this is often not the case. According to Illinois law, business assets acquired by a spouse during their marriage are typically considered to belong to the marital estate. Even business assets owned before a marriage can be at risk of becoming commingled with marital assets and losing their separate identity. One way to ensure that your business assets remain your own is to address them specifically in a prenuptial or postnuptial agreement with your spouse.
Prenuptial Agreements for Business Owners
If you are planning to get married and you already own a business or professional practice, that business will still be considered your non-marital property once you get married. However, a prenuptial agreement can provide an additional safeguard to ensure that it stays that way throughout your marriage. Beyond designating your ownership rights to the property, your prenuptial agreement can also include other provisions that may be beneficial to you and your partner.
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