Benefits of Preparing a Prenuptial Agreement Before an Illinois Marriage

 Posted on July 05, 2022 in Prenuptial Agreements

Couples who are entering a marriage should have the expectation of being open and honest with each other. It is important to have a full understanding of the property, assets, and debts that each spouse is bringing into the marriage, as well as how they would be handled in the case of a divorce. While no one gets married expecting a divorce, by preparing a prenuptial agreement, both spouses will be better prepared and better able to avoid future financial disagreements.

Issues Addressed in an Illinois Prenuptial Agreement

Prenuptial agreements can be a sensitive topic, but many couples recognize the potential benefits, especially if one or both of the spouses are entering the marriage with significant assets. The following are issues that can be addressed in a prenuptial agreement:

Identify non-marital property – During a divorce, one of the first steps is to decide which property and assets were jointly owned by the couple, known as marital property, and which is non-marital. Non-marital property is typically that which was acquired by each spouse before the marriage began. Having a prenuptial agreement in place can clearly identify these properties, which will save time and stress during a divorce.

Divide marital property – Once the couple is married, all property that is acquired is typically considered shared marital property and would be subject to an equitable division during a divorce. A prenuptial agreement can establish terms for dividing any property that the couple acquires during the marriage.

Spousal support – During a divorce, the couple can agree on the terms of spousal support, also known as spousal maintenance or alimony. If the couple cannot agree, the decision can be made by the court based on factors including the financial needs, resources, income, and earning potential of the spouses. If the terms of spousal support are agreed to in a prenuptial agreement, the court will typically follow those terms.

For a prenuptial agreement to be considered valid, both partners must enter into it willingly and honestly. Later disclosures of coercion or lack of disclosure of important details could lead to disputes and jeopardize the validity of the agreement.

Issues of child support or child custody cannot be included in a prenuptial agreement and must be decided on during the divorce process. For couples who are already married and want to protect their non-marital property, a postnuptial agreement is an option.

Contact an Arlington Heights Family Law Attorney

To protect the interests of both partners before a marriage, the experienced Rolling Meadows prenuptial agreement lawyer at Law Offices of Donald J. Cosley is ready to help. We can create a legally valid and enforceable prenuptial agreement that can specify non-marital property, direct the division of marital property, and establish decisions around spousal support. To schedule your free consultation, call us at 847-253-3100 today.

Source:

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