Considering a Prenuptial Agreement? Avoid These Mistakes

 Posted on May 05,2020 in Main

Although they have long been the subject of misunderstandings, more and more people are choosing to sign a prenuptial agreement before getting married. Prenuptial agreements, or “prenups” for short, are contracts that specify each spouse’s property rights and responsibilities in the event of divorce. If you and your partner are considering drafting a prenuptial agreement, you should know that these documents must meet certain criteria in order to be legally-enforceable. Prenuptial agreements that do not meet these specifications or that contain certain mistakes may be considered invalid. This is why it is so important to work with an experienced family law attorney during the creation of any prenuptial agreement.

Incomplete or Falsified Financial Disclosure

When a couple designs a prenuptial agreement, each spouse must be fully forthcoming about his or her assets, income, and debts. A complete inventory of the spouses’ finances is needed so that each spouse can make informed decisions about the provisions contained in the agreement. Without a full accounting of each spouse’s property and debt, it will be impossible for the couple to form an equitable plan regarding how property and debt should be divided in the event divorce. Furthermore, if the agreement contains incomplete or falsified financial information, it is possible that the document will be considered invalid.

Each Spouse Must Consent to the Agreement

Legal contracts such as prenuptial agreements are only valid if they were entered into voluntarily. If a spouse was coerced or forced to sign a prenuptial agreement, the document is not valid. Each spouse must be of sound mind when he or she agrees to the provisions. Furthermore, spouses must have time to read and consider the agreements contained in the prenup before signing. For example, if a spouse asks the other to sign a prenup mere hours before their marriage ceremony, it is likely that the court would not uphold the provisions contained in the agreement.

Issues that Cannot Be Addressed in a Prenuptial Agreement

A prenuptial agreement cannot address matters of child custody or parenting time. The agreement also cannot contain “unconscionable provisions” that are unreasonable or prohibited by law. The court is also likely to throw out any prenuptial agreement that contains provisions that are extremely unfair. If you are interested in learning more about prenuptial agreements, speak to a family law attorney who is experienced in drafting agreements according to Illinois law.

Contact a DuPage County Prenuptial Agreement Lawyer

Prenuptial agreements offer a variety of benefits and protections. To learn more, contact a knowledgeable Wheaton family law attorney from Mirabella, Kincaid, Frederick & Mirabella, LLC. Call us at 630-665-7300 today to schedule a confidential consultation.

Sources:

https://www.nbcrightnow.com/story/33506637/prenuptial-agreements-on-the-rise-finds-survey/

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087