Basic Information About Prenuptial Agreements

 Posted on November 09, 2012 in Divorce

Premarital, or prenuptial, agreements are raising their popularity as more people want to protect their assets, even when they say ”'til death do us part.” A few decades back, most people thought that prenuptial agreements were only for the wealthy, but as time went by, people realized they might have property they wish to protect. Here are some key aspects of what the Illinois Uniform Premarital Agreement Act says about prenuptial agreements: What is a premarital agreement? A premarital agreement is defined in the Act as ”an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” Prenuptial agreements have to be in writing and signed by both parties. Needless to say, you should make sure that the agreement is properly drawn. Also, you should never sign a contract without being certain of its contents. An experienced family law attorney can help you when you need assistance with these tasks. What am I agreeing to? The first matters mentioned in the Act are the rights and obligations of each spouse in any of the property of either or both of them, regardless of when and where the property was acquired and where it is located. When you are signing a premarital agreement, you are defining the rights to buy, sell, use, transfer, and do a number of other things listed regarding that property. In addition to physical property, spousal support, wills and trusts, and the ownership rights on the benefits of life insurance are defined in these agreements. These are, however, not the only matters you can define in the agreement The questions you might have regarding premarital agreements are not always easy ones. A prenuptial agreement sets the course of action for divorce proceedings and division of property, so it should always be written with extreme care. If you are thinking of asking your significant other for a prenup or your spouse-to-be has asked you to sign one, make sure you have a skilled attorney on your side to ensure the desired outcome. Contact a knowledgeable family law attorney in Kane County, Illinois.