Do You Need a Prenuptial Agreement?

 Posted on November 30, 2022 in Divorce

The prenuptial agreement, more commonly known as just a prenup, is a contract between spouses that both parties sign before a marriage that decides how assets will be distributed in the event of a divorce. Many people are reluctant to sign prenuptial agreements because they believe that doing so creates an impression that divorce will be more likely, but prenuptial agreements can serve many important purposes.

The biggest benefit to having a prenuptial agreement is that property division in a divorce can be much more streamlined and involve far less dispute. People could have many other reasons for signing prenuptial agreements, including concerns about children’s inheritance or businesses owned by one spouse.

How Prenuptial Agreements Work in Illinois

Prenuptial agreements in Illinois can cover many issues, but they cannot cover everything. A prenup can determine ownership of various forms of property, possible spousal support payments, and property ownership rights in cases of death.

A prenuptial agreement cannot make any determinations on child support, child custody, or parenting time.

The Illinois Uniform Premarital Agreement under 750 Illinois Compiled Statute 10/1 is the state law governing prenuptial agreements in Illinois. Prenuptial agreements may be invalidated when one spouse is dishonest about their assets or an agreement is unconscionable.

A prenuptial agreement may stipulate that a spouse does not have to pay spousal support to the other spouse, but a court can still overrule the agreement and order the spouse to pay support when it does not create an undue hardship. Both parties must willingly sign a prenuptial agreement. A party cannot be forced into signing the agreement or sign the agreement under duress.

Prenuptial agreements can also play important roles in estate planning documents later on. People who have prenups will be able to identify marital property and individual property to prepare for the possibility of death or divorce.

Contact a DuPage County Prenuptial Agreement Attorney

Are you thinking that you might need a prenuptial agreement before you marry but are unsure of how to get your future spouse to agree? Make sure you work with a Naperville prenuptial agreement lawyers at Calabrese Associates, P.C. who will be able to walk you through the entire process and ensure that you are able to take all of the steps you need to feel confident in your marriage

Our firm knows how fraught prenuptial agreement conversations can be for most couples, but we can explain your rights and the potential benefits of drafting a prenup. Call 630-393-3111 or contact us online to receive an introductory consultation.

Source:

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