Getting a Divorce With a Prenuptial Agreement

 Posted on November 05, 2018 in Divorce

When signing a prenup agreement, it may feel like divorce is the inevitable conclusion, but if a couple gets divorced without one, the parties go to court to decide the division of assets if mutual decisions cannot be made. Signing a prenup before marriage addresses many issues a couple may face if divorce occurs, as long as no one tries to break the agreement.

What is a Prenuptial Agreement? 

A prenup is an agreement two people make before they are married, which settles financial and other arrangements in case the marriage fails. A person might suggest getting a prenuptial agreement if:

• He or she makes significantly more than the other partner.
• Both are business owners or entrepreneurs.
• One person has a high amount of debt.
• They have been married before and/or have children. 

Prenups are best known for protecting premarital assets. Without a prenup, the financial burdens of your spouse may become yours, even after divorce. They are also used to determine alimony. Because they are private agreements, prenup terms can be tied to how long a marriage lasts. Clauses can be added such as a confidentiality to protect the details of your divorce or marriage from publication. 

One thing that cannot be included in a preputial agreement is parental responsibility or child custody. Who makes the decisions for any children is determined by a judge for what is in the best interest of the child. The amount of child support cannot be determined while signing a prenup, but similarly, the right to financial support for a child cannot be taken away.

Signing a prenuptial agreement can save time and money if a couple decides to get a divorce, but it has the opposite effect if a spouse rejects the agreement during divorce. When this happens, a judge must determine if the prenup is valid. Illinois follows the Uniform Premarital Agreement Act, which sets standards that help the court assess an agreement’s validity.

Reasons a prenuptial agreement may be considered invalid are:

• Assets were not truthfully disclosed by a significant amount.
• The objecting party was coerced or mentally incapacitated.
• Unrealistic conditions.

Contact a Barrington Divorce Lawyer

No one can predict a divorce, but there are ways to prepare for one, and a prenuptial agreement addresses the many variables that can come up. To understand your legal options, contact a Rolling Meadows divorce lawyer from A. Traub & Associates Call 630-426-0196 to arrange an initial consultation. 

Sources

https://www.theknot.com/content/what-is-a-prenup-should-you-get-one

https://www.reuters.com/article/us-money-divorce-prenup/breaking-up-is-hard-to-do-breaking-prenup-is-harder-idUSBRE8940Y920121005