Prenuptial Agreements

There is a common misconception that prenuptial agreements, or a “prenup,”  are only for the wealthy. The truth is that a well-crafted prenuptial agreement protects couples of all backgrounds by  helping couples determine how to address issues like spousal maintenance and division of property if a divorce occurs, giving both parties greater peace of mind going into the marriage. If you are considering a prenuptial agreement or have been asked to sign one, it is crucial to speak with an experienced prenuptial agreement attorney in the Chicagoland area first. At SAM LAW OFFICE, LLC, our skilled family law attorneys have years of experience drafting and reviewing prenuptial agreements throughout the Chicagoland area. Contact our office to learn more about your rights and securing your future with a prenuptial agreement.

Requirements for Prenuptial Agreements in Illinois

In Illinois, premarital agreements must adhere to strict legal standards. Both parties must sign it, and the marriage can not have already taken place. In Illinois, the courts consider property obtained, earned, or accumulated during the marriage to be marital assets. The courts generally consider property or assets acquired before the marriage to be non-marital property, but some exceptions exist. An example could be purchasing a home with non-marital income but listing both spouses on the real estate title.

Illinois courts require a prenuptial agreement to meet several requirements to be considered valid. These include:

• The agreement has to be relatively equitable and fair to both spouses. (it cannot be “unconscionable”)
• Both parties must enter into the prenuptial agreement voluntarily.
• The agreement cannot be based on fraud and must adhere to all federal and state laws.
• The agreement may not place one spouse in a financial position that makes them eligible for public assistance.
• Both parties are required to disclose all their assets and properties fully.
• It must be in writing and signed by both parties.
• Both parties have to be mentally competent, and neither can force or coerce the other party into signing it.

Postnuptial Agreements: Protection After Marriage

If you are already married, it is not too late to protect your assets. A postnuptial agreement serves similar functions to a prenup but is executed during the marriage. Here are several reasons why some couples opt for a postnuptial agreement:

• One spouse is gifted property or receives a sizable inheritance
• You or your spouse amasses significant debts
• You acquire significant assets after you and your spouse are married
• You want to avoid potential tax ramifications
• There are children from a prior marriage you want to protect
•  One spouse is facing a serious illness or death

Retaining a Prenuptial Agreement Attorney: Why You Need Independent Counsel

Whether you are drafting a new agreement or have been asked to sign one, you need an advocate. Never sign a marital agreement without an independent review; you may unknowingly waive rights to spousal maintenance or assets you are entitled to. If you have questions about prenuptial or postnuptial agreements, it is best to speak with a knowledgeable Illinois family law attorney. An experienced lawyer will help you understand your assets’ true value and the steps you may need to take to protect yourself and your rights.

To learn more about prenuptial agreements and your rights before a marriage, contact SAM LAW OFFICE, LLC today to schedule a consultation.

FAQs About Illinois Prenuptial Agreements