Other issues - A prenup can include decisions about any other matter that is "not in violation of public policy or a statute imposing a criminal penalty.".Choice of law - The prenup can decide which state's laws will apply if any future disputes arise related to the agreement.Life insurance benefits - A prenup can specify each spouse's ownership rights regarding death benefits from life insurance policies held by either spouse.
Wills and trusts - A prenup can require either spouse to create a will or trust to carry out the provisions of the agreement.Spousal maintenance - Even if one spouse may be eligible to receive maintenance (also known as spousal support or alimony) in the event of divorce, a prenup can specify the amount or duration of maintenance, or it may eliminate the right to maintenance altogether.Couples may wish to identify certain assets as non-marital property that is owned only by one spouse or as marital property that is subject to equitable division between spouses during divorce. Division of property - A prenup can address how property will be divided between spouses if they choose to end their marriage in divorce, and it can also state what will happen to certain assets or debts if the couple separates, if either spouse dies, or when any other event does or does not occur.This includes the right to "buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property." Property rights - A prenup may specify each spouse's rights and obligations regarding property owned by either or both spouses, regardless of when it was acquired or where it is located.In a prenuptial agreement, a couple can make decisions about the following: If a person has worked to build a career in which they are able to support themselves, a prenup may ensure that they will continue to be able to use their financial resources to maintain the lifestyle to which they have become accustomed. In addition, a prenuptial agreement can help preserve a spouse's financial independence. A prenup may be a helpful tool to clarify the how each spouses existing obligations shall be met, enunciate expectations, and provide mutual ease-of-mind over financial matters. A party may choose to waive their right to receive financial disclosure, but they must do so in writing.Ī premarital agreement may address how certain issues will be handled in the event of divorce, but it can also provide spouses with protections and clarity during their marriage.
A prenup can also be amended or revoked after a couple's marriage if these changes are made in writing and signed by both spouses.īefore signing a prenuptial agreement, both parties should make a full financial disclosure to each other, including the income they earn, the property they own, and the debts they owe. If a couple chooses not to get married, any prenuptial agreement they have made will become void. A prenuptial agreement will not become effective until a couple becomes legally married. A prenup must be created in writing, and it must be signed by both spouses. In Illinois, prenuptial agreements are governed by the Illinois Uniform Premarital Agreement Act (750 ILCS 10/1-10/11). By creating a prenuptial agreement prior to getting married, spouses can address obligations from a prior marriage, protect their financial independence, and take some of the uncertainty and conflict out of a potential divorce. Before getting married, a couple should consider whether this type of agreement would be appropriate for their situation.Ī prenuptial agreement, which is also known as a premarital agreement or prenup, serves as a legal contract between spouses, and it can be used to make decisions about how certain matters will be handled during the marriage and if the marriage ends, including through divorce or the death of one of the spouses. However, these agreements can provide benefits that apply in a wide variety of situations and for many different types of couples. Crystal Lake Family Law Attorneys for Prenups and Divorce Casesįor many people, a prenuptial agreement is thought of as something that is only used by the rich and famous, and the idea of putting terms and conditions on one's marriage may seem tasteless.