When getting married, it is important to protect the assets you have, especially if a prenuptial agreement was never drafted or talked about. However, postnuptial agreements exist and are no longer just a tool for the wealthiest of Americans to protect their assets. More middle class couples in Illinois are signing these agreements in an effort to avoid conflict in the future.
We're finishing up our discussion of small businesses and family law. The two are often inextricably linked. The most public example is the McCourts. The couple's divorce has taken a serious financial toll on the baseball team they own, and many say the divorce is responsible for a management vacuum, as well.
We had a lively discussion this weekend about marital and non-marital property. A friend of ours was visiting Chicago from one of the prairie states, and after a few minutes of conversation she went into a panic. Not a breathing-in-a-paper bag panic, but definitely a wild-eyed "yikes" panic.
One thing just leads to another, it seems, when it comes to the Frank and Jamie McCourt divorce and property settlement case. Earlier this week, the California judge handling the case issued a decision regarding the post-nuptial agreement the couple entered into when Frank purchased the Dodgers. In the 100-page decision, the judge lists a number of problems with the post-nup before ordering that the agreement not be taken into consideration in the property settlement.
The Jamie and Frank McCourt divorce trial has been unfolding half a continent away, but the details are riveting to family law attorneys and baseball fans around the country. Most of us can't even imagine owning a baseball team, much less arguing over whether it was covered in a post-nup. Or two. Or six.