Why a Premarital Agreement is a Good Idea in Illinois

 Posted on December 29, 2023 in Family Law

Understanding what makes a premarital agreement such a significant investment is essential for any couple looking to tie the knot. Regardless of whether or not you plan to have a premarital agreement, it is still important to know how they can benefit you and how to go about creating one. How you present a premarital agreement to your partner is up to you. However, an attorney with experience in premarital agreements can help you draft one.

What is a Premarital Agreement?

The premarital agreement is what is most commonly referred to as a prenup. It is a legal agreement signed by both parties before getting married. A prenup will most often cover various issues in the case of a divorce, including:

• Debt allocation
• Spousal maintenance
• Child Support
• The allocation of parental responsibilities
• Property division

Why Should I Get a Premarital Agreement?

Why you need a premarital agreement is entirely dependent on your circumstances. Couples looking to establish a prenup are likely looking to preserve and protect their currently owned individual assets or hoping to clarify the various duties expected in the marriage.

An example would be one party who owns a business and would like to remain that business’s owner for the foreseeable future. By putting it into a premarital agreement, that party can look to hold onto that business after a divorce. However, the owner will also need to avoid commingling assets when it comes to their business if they hope to retain it. Commingling finances and assets during a marriage can easily swing it from personal property to marital property if a judge deems it so.

How Do I Create a Premarital Agreement?

All premarital agreements must be drafted in writing as oral contracts are not enforceable in an Illinois court. Both parties must review and agree to what has been reported in the prenup. This is normally the best time to have an attorney review it to ensure the prenup seems fair and equitable to both parties. They can also help negotiate any changes to things that you do not feel comfortable with that are in the prenup.

Once both parties are satisfied with what is in the prenup, they need to sign it. The prenup will go into effect when the couple is legally married. Having witnesses at the signing may be wise, though this is not mandatory. Having witnesses can help later if one side claims coercion or duress during the signing.

Contact a Cook County, IL Family Law Attorney

Understanding the what, why, and how of a prenup is very important for anyone considering making a lifelong commitment with their partner. Once married, a premarital agreement is no longer possible, and everything you own could then be subject to division in the event of a divorce.

When looking into premarital agreements, you must consult an experienced Chicago, IL premarital agreement lawyer to help draft and review your prenup. This ensures that it is legally binding and covers everything you hope to protect and preserve for the future. For a free consultation to discuss what steps to take toward securing a prenup, contact the The Law Office of George J. Skuros at 312-884-1222 right now.