You have dedicated your career to farming. You have invested your time and money into your farm. Perhaps you are part of a multi-generational farming family, and now it is your turn to run the business. Farmers must take the necessary steps to protect their farms when they plan to get married.
The Purpose of a Prenuptial Agreement
Many people get upset when they hear the words “prenuptial agreement.” They think that this is just a document preparing for a failed marriage. Having a prenuptial agreement in place protects both parties, especially when there are a lot of assets involved, like a farm.
These agreements spell out what will happen to personal and marital assets if the marriage ends. In many agreements, there are stipulations for different time frames or if certain events occur and how the agreement would be affected.
For instance, a marriage that is dissolved after 18 months would be handled much differently than one that is dissolved after 18 years. These agreements put into place what both parties should expect under different scenarios.
Ensure that Your Assets Are Protected for Your Family from Your First Marriage
A prenuptial agreement is also a good choice when farmers want to protect assets for their family from a first marriage. If you have assets designated for your children or grandchildren from your first marriage, you can stipulate these things in a prenup so that these assets are protected in the future.
These marriage contracts do not mean that you are preparing for a marriage to fail. These are contacts between the two people getting married that protect both parties in the future from many different events.
Speak To an Attorney About a Prenuptial Agreement to Protect Your Farm Assets in Illinois
If you are going to get married in the near future and have assets you wish to protect, including the family farm, you are encouraged to speak with an attorney about creating a prenuptial agreement in Illinois.
Contact Rincker Law at (217) 774-1373 and speak to one of our knowledgeable attorneys to discover how this and other legal contracts can protect your assets when you get married. If you have any questions at all about prenuptial agreements, call today and have your questions answered.