What Can Be Included in a Prenuptial Agreement in Illinois?

 Posted on November 12,2020 in Prenuptial Agreements

In most cases, marriage is meant to be a permanent partnership, and a couple will plan to stay together for the rest of their lives. However, it is important to remember that a significant percentage of marriages end in divorce. While the actual divorce rate in the United States is difficult to determine accurately, it is generally considered to be between 40 and 50%. Even though it may be unpleasant to contemplate, recognizing the distinct possibility that your marriage may end in the future can help you consider how you want certain issues to be handled in a potential divorce.

By discussing these matters with your partner before you get married, you can determine whether a prenuptial agreement is right for you. This type of legal agreement can provide both of you with reassurance that you will have the financial resources you need if your marriage ends, and by making decisions now, you can take some of the uncertainty and conflict out of the divorce process. A prenup can also include provisions to ensure that certain assets will be given to your children, or it can be used to protect a business that you or your partner own from being negatively affected by a divorce.

Terms of a Prenuptial Agreement

A prenup will usually focus on financial matters related to the property owned by you or your partner, the assets you acquire during your marriage, and the income that each of you earns. You can specify how property will be divided or allocated if you get divorced or separated, if one spouse dies, or in the case of many other events that you may specify. Your prenup can also include terms detailing each spouse’s rights and responsibilities toward different assets during your marriage, including the right to buy, sell, use, manage, exchange, or lease property.

A prenuptial agreement can also include terms regarding whether either spouse will receive spousal maintenance in the event of a separation or divorce. Your prenup may state that spousal support will not be paid if certain events do or do not occur, or it may specify that a different amount will be paid than would be calculated under the guidelines in Illinois law.

You can also use a prenup to decide the “choice of law” that governs the decisions made in the agreement, meaning that you can specify which state’s laws should apply to the divorce-related issues that you have agreed upon. You can also include any other terms that are not in violation of criminal laws or public policy. Notably, a prenup cannot make decisions about child-related issues, including child custody, parenting time, or child support, since these matters will be settled at the time of a couple’s divorce or separation based on what would serve the children’s best interests.

Contact Our Naperville Prenuptial Agreement Attorneys

If you are planning to get married and want to put some protections in place in case you ever get divorced, the attorneys of Calabrese Associates, P.C. can help you create a prenuptial agreement that will meet your needs. Contact our DuPage County prenup lawyers today at 630-393-3111.

Sources:

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