Typically, Prenuptial Agreements or “Prenup“, includes the following:
- Determines if spousal support (alimony) will be paid
- Determines the duration of spousal support
- Identifies non marital assets
- Keeps non marital assets non marital for the duration of the marriage, often regardless of contributions to principal and maintenance of the asset during the marriage.
- Arrangements for will’s in the event that one or both parties pass away
- Arrangements for trust’s in the event that one or both parties pass away
- Rights of surviving spouse to amend property rights (e.g. to children)
- Arrangements of property to be divided in the event of a divorce
- Conditions (e.g. cheating, weight gain, job loss, etc.)
Why do you Need an Attorney for a Prenuptial Agreement?
A Prenuptial Agreement is more likely to be enforced if both parties hire an attorney. While an attorney is not required, it’s easy to miss something.
A Prenuptial Agreement may not be enforceable if:
- The prenup was not signed willingly,
- The prenup was drastically unfair
- The parties did not disclose all of their assets, debts, and sources of income
- The agreement was not signed nor notarized by both parties
By hiring an attorney to represent you, this demonstrates that both parties understand the Prenuptial Agreement and that they were able to advocate for their needs.
What is the Process of a Prenuptial Agreement?
In Illinois, a Prenuptial Agreement must meet certain requirements to be enforceable.
A prenup must include:
- Written agreement: The agreement must be in writing and signed by both parties, preferably notorized.
- Voluntary consent: Both parties must sign the agreement voluntarily and without duress.
- Financial disclosure: Both parties must fully disclose all assets, debts, and income.
- Lawful terms: The agreement cannot contain terms that are illegal, criminal, or against public policy.
- No unconscionability: The agreement cannot be unconscionable.
A prenup can cover different topics, including:
- How assets will be divided in the event of divorce
- Household chores
- Alimony
- Child rearing obligations
- Estate planning documents
- Financial management
In Illinois, Prenuptial Agreements are governed by the Illinois Uniform Premarital Agreement Act (IUPAA). They become effective upon marriage. However, prenups cannot be used to decide child custody issues or affect child support rights.
How Can Watson Law Help you in a Prenuptial Agreement?
Our attorneys and paralegals at Watson Law will work hard for you making sure all Prenuptial Agreements are done correctly and to your needs. Schedule an appointment today to start your prenup.
