Understanding Premarital Agreements in Illinois

 Posted on December 08, 2020 in Main

A discussion with your fiancé about the settlement of financial matters in the event of a divorce or death, through a premarital agreement, may not be romantic, but it can be a great idea. Some people choose to enter into premarital agreements in order to protect a wide range of property and assets. In other cases, if there are children from a previous relationship involved, the natural parent can request a premarital agreement to protect these children in case of the parent's death.

What is a Premarital Agreement?

Illinois law defines a premarital agreement as an agreement that is entered into by two people who expect to get married and is effective only if the couple marries. Many people refer to premarital agreements as prenuptial agreements, or prenups.

In a prenup, the couple can agree on how to deal with the following matters in case of divorce, or death:

• The rights and responsibilities of each person with regards to any property they own individually or together
• Each person's rights in the buying, selling, and control and management of any property owned
• Modifying or ending spousal support or alimony
• How estate planning through wills and trusts will affect the agreement
• Setting beneficiaries for investment accounts and life insurance policies

However, the law states explicitly that the couple cannot make any binding agreements upon a court when it comes to child support or parenting responsibilities.

Changing or Canceling a Premarital Agreement

In some cases, after the wedding, a couple may decide that they do not need the agreement anymore. To revoke a prenuptial agreement, the couple has to do so in writing. Simply tearing up the prenup will not work.

Additionally, a prenup may be unenforceable if the spouse challenging it can prove one of the following to the court:

• He or she did not enter into the agreement voluntarily.
• He or she was not offered a fair and reasonable disclosure of the other spouse's property and assets. 
• Enforcing the prenup will cause undue hardship, based upon facts that were not reasonably foreseeable at the time they entered into the agreement.
• The agreement was unconscionable—or overly one-sided—when it was signed.

Contact a Wheaton Premarital Agreement Attorney

If you choose to use a prenup to protect your assets and property, you must make sure that the agreement conforms to the requirements of Illinois law. Because the terms of a prenup can seriously affect your financial future, it is important to consult an attorney both when drafting and before signing a prenuptial agreement. If you are planning to get married and would like to have a prenuptial agreement in place before saying “I do,” contact the experienced DuPage County family law attorneys at MKFM Law. Call 630-665-7300 for a consultation today.

Source:

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