How a Prenuptial Agreement Can Be Ruled Invalid

 Posted on April 04,2017 in Premarital Agreement

Coming to a premarital agreement, commonly known as a prenuptial agreement, with your spouse can be a financially savvy move in case of divorce. It allows you to define several monetary and proprietary aspects of your marriage, including:

• The rights to and division of marital property.
• What is considered marital property.
• The terms of spousal support payments.
• How much marital money can be used to pay off individual debt.
• The distribution of benefits from a life insurance policy or will.

The rules of prenuptial agreements in Illinois are outlined in the Illinois Uniform Premarital Agreement Act. Among the rules are several ways that a prenuptial agreement can become invalid. These safeguards are meant to protect a spouse in case of unfair practices by the other spouse.

Write It Down

It may seem obvious, but a prenuptial agreement is not valid unless it is formally written out and signed by both parties. Verbal agreements will not be enforceable in court.

Must Be Voluntary

A spouse cannot be forced under duress to sign a prenuptial agreement. A spouse does not have to be threatened for a court to decide the agreement was not voluntary. A common example of signing under duress is when a prenuptial agreement is presented minutes before a wedding. Both spouses must have a reasonable amount of time to read and consider the agreement in order for their consent to be voluntary.

Negotiated Fairly

A prenuptial agreement can be deemed invalid if it is determined to be unconscionable. Courts will not just look at whether the agreement is one-sided, but whether it was reached under fair circumstances, such as:

• If one party did not fully disclose its assets during negotiations.
• If one party could not have reasonably known the full assets of the other party.
• If one party did not expressly waive its rights to disclosure of assets when the other party fails to disclose them.

Support Payments

While a prenuptial agreement can cover many financial aspects of divorce, it cannot limit the child support responsibilities of a parent. In terms of spousal support, the court may alter the payments required in the agreement if a spouse has suffered undue hardship because of unforeseen circumstances.

Reaching an Agreement

There are many ways you can benefit from a prenuptial agreement if it is negotiated and written correctly. A Kane County prenuptial agreement attorney can represent you during the process. Schedule a free consultation with the Goostree Law Group by calling 630-584-4800.

Source:

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