What to Keep in Mind As You Create a Prenuptial Agreement in Illinois

 Posted on March 29,2023 in Family Law

A prenuptial agreement is a legal document that couples sign before they get married, which outlines how they will divide their assets and debts if they get divorced. While it may not be the most romantic topic to discuss before a wedding, creating a prenuptial agreement can be a wise decision for many couples.

Before you draft a prenuptial agreement in Illinois, there are some important factors to consider.

Discussing the Prenuptial Agreement with Your Partner

One of the most critical factors to consider when creating a prenuptial agreement is communication with your partner. Discussing the prenuptial agreement openly and honestly with your partner is essential. You should explain why you believe a prenuptial agreement is necessary and listen to your partner’s concerns and opinions. Remember, the prenuptial agreement is not just about protecting your assets, but it is also about protecting your partner’s interests.

Illinois Laws Governing Prenuptial Agreements

It is important to understand the laws governing prenuptial agreements in Illinois before drafting the agreement. In Illinois, prenuptial agreements must be in writing, signed by both parties, and made voluntarily. Additionally, both parties must provide full disclosure of their assets, and the agreement must be fair for both parties. If these requirements are not met, the prenuptial agreement may be deemed invalid by the court.

Financial Disclosures

When creating a prenuptial agreement, it is essential to provide full financial disclosures. Each party must fully disclose all of their assets, debts, and income. This information is critical to ensuring that the agreement is valid and enforceable. It is also important to remember that any attempt to hide assets or income can result in the agreement being set aside by the court during a divorce.

Property Division

The prenuptial agreement should specify how the couple’s property will be divided in the event of a divorce. In Illinois, property is divided according to the rules of equitable distribution. This means that the court will divide the property in a manner that it deems fair, which may not necessarily be equal. The prenuptial agreement can provide specific guidelines for how property will be divided, which can help to avoid disputes and uncertainty during the divorce process.

Spousal Support

A prenuptial agreement in Illinois can also address spousal support or alimony. The agreement can limit spousal support payments, but it cannot waive a party’s right to spousal support entirely. The agreement must be fair and reasonable to both parties, and the court may review the agreement to ensure that it meets these requirements.

Contact a St. Charles Prenuptial Agreement Attorney

Creating a prenuptial agreement can be an effective way to protect your assets and plan for the future. However, it is essential to understand the requirements and limitations of prenuptial agreements in Illinois. If you are considering a prenuptial agreement, it is important to consult with an experienced Kane County family law attorney who can guide you through the process and ensure that your agreement is valid and enforceable. Call Weiler & Associates, Inc. at 630-331-9110 for a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm