Understanding Prenuptial Agreements
Prenuptial agreements are vital prior to engaging in a marriage. They no longer are just limited to the very wealthy. Couples in all incomes should be aware as to how their assets and property will be divided should they divorce. No one marries with the belief that they are going to divorce. Should the marriage end, however, by death or divorce, prenuptial agreements define your financial stability.
Prior to marriage, talk to our attorneys. We have extensive family law experience, having written and litigated numerous prenuptial agreements. We serve clients with all family law issues, including those related to high-value assets and division of marital property.
What Is A Prenuptial Agreement?
The Illinois Uniform Premarital Agreement Act gives a definition for “premarital agreement” (or prenuptial agreement) as an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage. Typically, a prenuptial agreement outlines exactly how the couple will handle their assets, their debts and other financial situations should they decide to divorce. The prenuptial agreement needs to be written and must be signed by both individuals. An oral prenuptial will not be enforceable in a court of law, so a signed document is required to make it binding. It is important to note that Illinois law places certain limits on what parties can agree to in a premarital agreement. Parties cannot contract for anything that is in violation of public policy or a statute imposing a criminal penalty. Parties may also not agree to a premarital agreement that adversely affects a child’s right to support. A prenuptial agreement can be amended or revoked after the parties are married, as long as it is in writing and agreed to by both spouses.
Who Should Consider A Prenuptial Agreement?
Couples may decide to move forward with a prenuptial agreement for many reasons. It is prudent to define each other’s financial rights.
We Can Help Create Your Prenuptial Agreement
Contact us for a free initial consultation to discuss your needs and to ensure that your prenuptial agreement is fully enforceable in a court of law. Call today at 312-236-1500 or fill out our online form.