What Can You Include in a Prenuptial Agreement in Illinois?

 Posted on January 21, 2021 in Prenuptial Agreement

It may be awkward to bring up the possibility of a prenuptial agreement with your partner, as it can be uncomfortable to think about divorce before the marriage even begins. However, a prenuptial agreement can be more than just a safeguard for your assets in the event of a divorce. It can also be an opportunity for you and your spouse to have an open discussion about your finances and help you remain aware of each other’s needs and priorities throughout your marriage.

Items to Address in a Prenuptial Agreement

Couples can choose to address a variety of issues in their discussions and prenuptial agreements, primarily related to their financial and property interests. Some important topics include:

• Division of assets: A prenuptial agreement can clearly specify which spouse has the rights to certain kinds of property and assets acquired before or during the marriage, as well as who will receive the property in the event of a divorce.
• Business interests: If you or your spouse owns a business going into your marriage, you can choose to establish your prenuptial agreement such that each of you maintains the right to your business property and the ability to make decisions about the management of the business.
• Spousal support: Your prenuptial agreement can address whether one spouse will be expected to pay the other spousal support after a divorce, which may save you from lengthy negotiations during the divorce process.
• Life insurance: Your agreement can clarify who will be the beneficiaries of life insurance policies in the even of one of your deaths, for example, whether it will be the other spouse or your children or dependents.
• Estate planning: Your agreement may include the creation or modification of a will to ensure that the provisions you include are honored if one of you dies during the marriage.

Keep in mind that your prenuptial agreement cannot address issues of child support, parental responsibilities, or parenting time, as these must be determined based on the children’s best interests at the time of the divorce. It is also crucial that both parties are honest and transparent during the creation of the agreement and willingly consent to sign it, as any manipulation or coercion can result in an unenforceable prenuptial agreement.

Contact a Wheaton Divorce Attorney Today

At Stock, Carlson & Duff LLC, our experienced attorneys know the common issues that couples face during a divorce, and we can guide you and your partner through the creation of a prenuptial agreement that addresses these issues in a way that helps you avoid conflict and uncertainty. Contact a DuPage County divorce lawyer today at 630-665-2500 so we can help you enter your marriage with confidence that your financial interests are protected.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&