Three Reasons You Might Want to Update Your Prenup in Illinois 

 Posted on December 07, 2021 in Divorce

Prenuptial agreements can be excellent legal instruments for protecting newlyweds from the inevitable strife of divorce. Spouses-to-be can be flexible in addressing their needs, and a prenup can cover many things, from premarital property ownership to spousal maintenance. But though some spouses may want to sign their prenup and forget about it, for other spouses, it is better to consider the prenuptial agreement as a kind of living document that may change or be updated if necessary. Here are three common reasons couples in Illinois amend their prenuptial agreements.

Spousal Maintenance

If one spouse earns a substantially higher income than the other spouse, couples may wish to forego or proscribe spousal maintenance in a divorce. But if couples have been married for a long time and one couple suffers a job loss, serious illness, or, on the other hand, inherits a substantial sum of money, the balance of financial power may change. Spouses may wish to raise or lower the amount of spousal maintenance if one partner’s financial picture changes substantially.

Children Enter the Picture

Although prenuptial agreements can never address child custody matters, spouses may wish to amend their prenup after a child is born. For example, one spouse may have owned a home before getting married, and the original prenup protects the spouse’s rights to ownership. However, once a child is born, that spouse may wish to change the prenup to state that the home’s value will be divided so that if the couple gets divorced, both parents can afford to have a decent place to live with their child.

Dividing Marital Property

Some well-to-do people fear that their partner may be marrying them because they have money. A prenuptial agreement can help ease fears that a less well-to-do partner will take advantage of a wealthier one. However, if a certain amount of time has passed and partners are happy, and the marriage is strong, they may want to amend their prenup to allow the less well-to-do partner to share valuable assets if they get divorced.

Meet with a Naperville Prenuptial Agreement Modification Lawyer

If you have experienced any of the above circumstances or want to modify your prenup for other reasons, schedule a consultation with an experienced DuPage County family law attorney Calabrese Associates, P.C.. We are interested in helping our clients pursue their interests, so we provide a no-pressure environment where you can explore your options. Call us today at 630-393-3111 to schedule an initial consultation and find out how we can help you.

Source:

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