Prenup Agreements in Illinois

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If the prenup ever goes to court, the judge will want to see that both people had lawyers. In the Court`s view, this increases the chances that both people have truly understood what they are getting into. In Illinois, a prenup, also known as a prenupial agreement or prenuptial agreement, is defined as an agreement between potential spouses that is considered and is effective in marriage. In reality, drafting a mutually beneficial marriage contract is one of the most responsible and practical steps you can take before you get married. Prenups serve a variety of purposes, including protecting the property rights of both spouses, preventing stressful disputes in the event of divorce, and describing how property should be distributed upon the death of one of the spouses. Technically no. But both parties should always have their own lawyer who reviews a marriage contract, even if they fully agree on all aspects. The general rule is that prenuptial agreements are enforceable as long as they are written and signed by both spouses. Illinois divorce courts will abide by the terms of the agreement regarding most divorce matters, with the exception of child support and parental time allocation and responsibility.

To build a prenup, each spouse must fully disclose their property, debts and income. This ensures that both spouses have the information they need to make informed decisions about the components of the prenup. Therefore, creating a prenuptial agreement requires spouses to honestly discuss financial matters before they even walk down the aisle. This creates a foundation for financial honesty and transparency in a way that could hardly be anything else. When engaged couples have difficult discussions about finances before marriage, they conclude the marriage that is fully informed about financial matters and ready to build an honest and successful relationship. Prenuptial arrangements are also useful for estate planning, especially in situations involving mixed families and remarriages. With a prenup, you can determine which assets are included in the marital estate and which assets are separate assets belonging to a single spouse. Prenuptial agreements are often used to identify certain important family property or objects as separate property, so that upon death, the property is passed on to the deceased`s children rather than their spouse. In Illinois, marriage contracts are governed by the Illinois Uniform Premarital Agreement Act (750 ILCS 10/1-10/11).

A prenup must be written and signed by both spouses. A marriage contract only takes effect when a couple is legally married. If a couple decides not to marry, any prenuptial agreement they have entered into becomes invalid. A prenup can also be modified or revoked after a couple`s marriage if these changes are made in writing and signed by both spouses. In principle, marriage contracts are enforceable in Illinois. A marriage contract comes into force at the time of marriage and remains in effect until: (i) the spouses agree to modify or annul it, (ii) the spouses are divorced, or (iii) a judge declares the agreement unenforceable in court, in whole or in part. Under the Illinois Uniform Premarital Agreement Act, the only reasons for a court decision are unenforceability: judges will usually follow a fair marriage contract as closely as possible. If, at the time of a divorce, you no longer think that your prenuptial agreement is right, you can try to argue about it. But it`s important to remember that as long as you`ve answered it voluntarily and haven`t been deceived in any way, a judge will likely stick to what you`ve arranged. The Illinois Family Court assumes that a marriage contract is valid unless proven otherwise. Many people like to think that prenuptial agreements are set in stone. In other words, that the prenuptial agreement can never be changed and the conditions are locked forever.

Prenuptial agreements can be particularly beneficial in a variety of circumstances: To ensure that a prenuptial agreement is followed in the event of divorce, consult a lawyer to ensure that it meets the rules of equitable asset allocation. Prospective spouses can address virtually all aspects of their marriage and divorce in their marriage contract, with one exception: a prenuptial agreement cannot limit the obligation of either party to pay child support. Some of the most commonly addressed issues in prenuptial arrangements in Illinois are: The first is the Illinois Marriage and Dissolution of Marriage Act (the “IMDMA”). .