Is a Prenuptial Agreement Right for You?

 Posted on March 12, 2015 in Divorce

Whether it is your first, second, or third marriage, you want to consider a prenuptial agreement. A recent analysis shows the average age of adults waiting to get married is increasing. This means couples are bringing more assets into the marriage. If you have already established yourself with a home, retirement plan, savings, and more, the thought of having to part with it in the event of a divorce can be distressing. Speaking with a prenuptial agreement lawyer can help you and your fiancé understand the benefits of having a prenuptial before you get married.

Prenuptial Agreements

Both women and men are waiting until their late twenties to get married, according to the Pew Research Center's analysis of data from the U.S. Census. This means more adults are waiting until they have completed college, gotten a job, and most likely have a savings of some kind started before they are considering marriage. Prenuptial agreements are not just for celebrities, millionaires or those who have been married before. Many people are choosing to have a prenuptial agreement with their first marriage.

According to the Illinois Uniform Premarital Agreement Act, some things that can be outlined in a prenuptial are:

• Ownership and maintenance of property acquired before the marriage;
• Asset division for property or accounts gained before or during the marriage;
• Ownership of life insurance policies; or
• Ownership of professional licenses or family businesses.

All prenuptial agreements have to be in writing and signed by both parties to be valid. You may also not include a section about custody, child support, or anything pertaining to the support of children. You are not allowed to make a clause stating you will or will not pay child support or have custody of the children in the event of a divorce. The court decides what is best for the child in the event of a petition for a dissolution of marriage.

Validation of a Prenuptial Agreement

If you are considering having your soon-to-be spouse sign a prenuptial agreement, you want to ensure the prenuptial will be valid if you file for divorce. If a judge believes one party was under duress to sign it, was not provided a clear understanding of what the prenuptial contained, it is one-sided, or causes one spouse undue hardship living, they can dismiss it.