Illinois Prenuptial Agreements 101

 Posted on May 08, 2018 in Prenuptial and Postnuptial Agreements

When you are engaged, there are so many things to talk about--the honeymoon, the dress, the reception--but one of the not-so-fun things that you should discuss is getting a prenuptial agreement, or prenup. Doing so may save you in the event your marriage does not work out.

What Is a Prenup?

A prenuptial agreement is a contract that a couple signs prior to getting married that lays out terms for how certain matters will be handled in the event of a divorce. The agreement may state how couples will split their finances, what each person owns coming into the marriage, and how property acquired during the marriage would be divided. A prenup can cover everything from debt to retirement funds and how those are allocated.

Reasons to Get a Prenup

There are many different reasons that couples decide to get prenups. Some people may think that it dooms a marriage from the beginning, but many have found that it protects their assets in the event that things do not work out. Some common reasons why couples get prenups are:

• Important assets are involved.
• Children from a previous marriage are involved.
• One partner owns a business.
• One partner is wealthier than the other.
• Debts are involved.
• An inheritance is expected.

Prenup Agreements in Illinois

According to the Illinois Uniform Premarital Agreement Act, a prenuptial agreement can contain agreements about:

• The rights of each person in any of the property owned by either spouse, no matter when it was acquired.
• The right to full control over certain property, including the right to buy, sell, use, transfer, exchange, abandon, lease, consume, dispose of, or otherwise manage assets.
• The allocation of property after a couple’s separation, divorce, or the death of a spouse.
• The modification or elimination of spousal maintenance (alimony).
• Whether a will, trust, or other legal document will be created to carry out the terms of the agreement.
• The ownership rights of the death benefits from life insurance policies.
• Any other agreements between spouses, including personal rights and obligations, as long as they do not violate any laws.

A prenuptial agreement cannot contain arrangements concerning:

• Child custody
• Child support
• Visitation rights
• Provisions detailing illegal acts
• Anything that encourages divorce

Illinois law also states that prenuptial agreements are effective immediately upon marriage and can be amended or revoked after marriage in a written agreement which is signed by both people.

Seek Guidance from a Palatine Family Law Attorney

If you are considering a prenuptial agreement, you need the help of an experienced Schaumburg prenuptial agreements lawyer. Let the skilled attorneys at A. Traub & Associates take care of the details so you can focus on your happily ever after. Call our office at 630-426-0196 to schedule an initial consultation.

Sources:

https://www.huffingtonpost.com/the-knot/prenup-101-what-is-a-pren_b_7306618.html

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59