Illinois Prenuptial Agreements: What Do They Protect?

Kane County Divorce Attorneys

Prenuptial agreements can protect a variety of assets. A prenuptial agreement can protect your rights to your singularly-held property, including business and real estate interests, after a divorce. It can also protect your children and other loved ones' rights to your assets after your death.

Many people believe that prenuptial agreements undermine the purpose of marriage. This simply is not true. Prenuptial agreements are more like insurance agreements than they are like plans to eventually divorce – although you plan for your marriage to last your entire life, the reality is that many do not. If your marriage ends in divorce, you will need to go through the lengthy process of having your property divided between you and your spouse by the court. If you have a prenuptial agreement in place, getting divorced can be a much less painful process for you and your spouse.

Do not be intimidated by the prospect of drafting and signing a prenuptial agreement before you get married. Discuss the benefits of having a prenuptial agreement with your partner, then go together to work with an experienced matrimonial attorney to create this document. The prenuptial agreement is for your mutual benefit as well as that of your children if either of you have children from previous relationships.

A Prenuptial Agreement Can Protect the Following:

• If either partner has a child from a previous relationship, that child's interest in his or her property and other assets;
• Either partner's debts accumulated before entering the marriage;
• Specific pieces of property that either partner holds singly. This can refer to property he or she owned prior to entering the marriage or property that he or she obtains or develops during the marriage. An example of such property is an heirloom or inheritance that one of the spouses anticipates receiving;
• How the couple will handle their financial matters; and
• Ownership and beneficiary rights to assets such as pensions, life insurance policies, and retirement funds.

Prenuptial agreements are popular among business owners and individuals who have accumulated significant amounts of wealth and assets prior to marrying. This is why they are sought more often by individuals entering their second or subsequent marriages than those entering their first marriage.

Basically, a prenuptial agreement can only protect financial and property-related decisions. The agreement cannot be used to require anything of either partner that is not legally enforceable.

A Prenuptial Agreement Cannot Protect the Following:

• Decisions regarding child support or child custody in the event of a divorce;
• Familial relationships and expectations;
• Lifestyle decisions, such as a spouse's appearance or fitness level. This can also include personal choices, such as which name the couple will adopt or how the couple will raise their children;
• Anything illegal, such as a requirement that one partner allow the other to use his or her identity to make purchases; and
• Any items that appear to encourage a future divorce, such as a financial incentive for ending the marriage.

Many websites and other sources state that an individual or a couple cannot waive their right to seek spousal maintenance in a prenuptial agreement. This is true in most states. However, in Illinois, it is legal to waive one's right to seek spousal support in the event of a divorce through a prenuptial agreement. This option might be worthwhile for you and your spouse to consider – talk to your attorney about the possibility of waiving your right to spousal support and your reasons for doing so if you feel this is best for you.

If your prenuptial agreement contains an invalid item, the court can ignore that item and still uphold the rest of the agreement. Talk to your attorney about your plans for your prenuptial agreement to determine which items are valid and which are not.

Kane County Pre and Postnuptial Agreements Attorneys

For guidance from a qualified Kane County family law attorney as you develop your prenuptial agreement, call Goostree Law Group at 630-584-4800. When you call, you can schedule your free legal consultation with a member of our firm. We can answer any questions you have about your prenuptial agreement and help you create one that meets all involved parties' needs.