Family Law Lifeline

Posted on October 3, 2008 by John Steele

True or False:

You (Wife 2) are married to a man who has a child from a previous wife (Wife 1).  Wife 1 can come after your 401K that you have had since before you knew your husband and it is only in your name.
Answer: Yes. Ouch.

Recently the IL Supreme Court rewarded the incessant (and perhaps over the top) pursuit by a female attorney of her ex-husband by allowing that attorney to get at the funds in the ex-husband’s new wife’s 401K.  This despite the fact that the husband was happily married to his new wife, the 401K had no relation to the man except that he was married to the owner.  So he had no right to his wife’s 401K according to IL statute, but the Supreme Court decided that his previous wife should have such a right.

Couple of thoughts on this. First, know the familial, financial, and legal situation of the person you are considering marrying.  Second, and most importantly, get a pre-nup!

GET A PRE-NUP!

(please re-read the previous two words 10 times, or until you feel you need a pre-nup prior to getting married. The only way to protect your assets when you are getting married is a pre-nup.  End of story. If you need more examples, send me an e-mail, and I will convince you. Posted on October 3, 2008 by John Steele

True or False:

You (Wife 2) are married to a man who has a child from a previous wife (Wife 1). Wife 1 can come after your 401K that you have had since before you knew your husband and it is only in your name.
Answer: Yes. Ouch.

Recently the IL Supreme Court rewarded the incessant (and perhaps over the top) pursuit by a female attorney of her ex-husband by allowing that attorney to get at the funds in the ex-husband’s new wife’s 401K. This despite the fact that the husband was happily married to his new wife, the 401K had no relation to the man except that he was married to the owner. So he had no right to his wife’s 401K according to IL statute, but the Supreme Court decided that his previous wife should have such a right.

Couple of thoughts on this. First, know the familial, financial, and legal situation of the person you are considering marrying. Second, and most importantly, get a pre-nup!

GET A PRE-NUP!

(please re-read the previous two words 10 times, or until you feel you need a pre-nup prior to getting married. The only way to protect your assets when you are getting married is a pre-nup. End of story. If you need more examples, send me an e-mail, and I will convince you.

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