You don’t have to be a celebrity or fabulously wealthy to consider a premarital agreement. In essence, premarital agreements are nothing more than contracts that guide specific financial terms, among other things, in the event of divorce. A premarital agreement can facilitate a more streamlined divorce process, but it does not doom a marriage to divorce (or even increase the likelihood of divorce). If you are considering a premarital agreement, have questions or concerns about a premarital agreement, or have been asked to sign a premarital agreement, an experienced premarital agreement lawyer in Chicago can help.
In Illinois, the state’s Uniform Premarital Agreement Act guides premarital agreements (often called prenuptial agreements or prenups). While couples create premarital agreements prior to marriage, they do not go into effect until the couple marries, and if that doesn’t happen, the contract is void. Premarital agreements can, over the course of one’s marriage, be either amended or revoked altogether, but both spouses must be in agreement and must sign off on the changes sought (which must be in writing). Before entering into a premarital agreement, both spouses are required to share financial information about themselves, including:
Full financial disclosure is a key component to ensure that a premarital agreement is valid and binding, lessening the likelihood of being challenged down the line.
It is very common for premarital agreements to address how marital assets will be divided between them in the event of divorce, and these contracts can be especially useful for identifying separate assets (and maintaining their separate nature). The fact that the division of marital property and maintenance (which is also known as alimony) tends to be a couple of the most challenging divorce terms can make having a viable premarital agreement in place very beneficial.
In Illinois, alimony is called spousal maintenance, and while it does not play a role in every divorce, it can be an important financial tool in those situations in which one spouse experiences a divorce-related financial setback while the other has the financial means to help. A premarital agreement can make quick work of resolving this divorce consideration.
Matters that have to do with a married couple’s shared children (either real or prospective), such as the following, cannot be addressed in premarital agreements:
The practiced premarital agreement lawyers at WARD FAMILY LAW, LLC, in Chicago have reserves of experience helping clients like you create premarital agreements that effectively address their pressing concerns. Learn more by contacting us today.
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