How Will A Prenuptial Agreement Affect My Will County Divorce?

 Posted on September 23, 2022 in Divorce

When a couple initially gets married, divorce is hopefully far from their minds. However, in the event the spouses do decide to end the marriage, dividing assets can be quite complicated. If you are at all concerned about losing money or property in a divorce, a prenuptial agreement might be a route you need to take. But what exactly are prenuptial agreements, and how do they protect you?

What Are Prenuptial Agreements?

A prenuptial agreement, or premarital agreement, refers to an agreement that the two spouses have made prior to their marriage. It must be signed by both parties and helps establish what property belongs to each spouse. They are more common in marriages involving a larger scope of wealth and many assets they could potentially lose in a divorce. 

For an agreement to be effective certain qualifiers must be met:

• Both parties must be present and in agreement 

• Each spouse must provide fair and reasonable disclosure of their property and finances 

• It must be in writing

• Both spouses willingly signed the prenuptial agreement and were not forced into the agreement

There are certain matters that cannot be included in a prenuptial agreement, however. Any issues regarding child support, a parenting plan, or child care cannot be included in the agreement. 

Do You Have to Sign an Agreement Before the Wedding?

There are other options available if no prenuptial agreement was decided upon or signed before the couple got married. A postnuptial agreement can be drawn up after the marriage and can have the same power in the state of Illinois as an agreement that was written up beforehand. Why the couple waited until after the marriage to come upon such an agreement can vary from case to case. Sometimes one spouse may be trying to protect the other from certain debts or risky business deals. Other times the couple simply waited too long and had to make the agreement after the marriage.

Additionally, if the agreement between the two spouses has shifted and changed since the time of signing the prenuptial agreement, amendments and revisions may be made. Again as with the initial contract, both parties must be willing and present to sign off on the changes. 

Contact a Naperville Prenuptial Agreement Lawyer Today

Though it might be an uncomfortable conversation to have with a potential spouse, having a prenuptial or postnuptial agreement in place can save both parties a lot of stress and legal costs in the event of a separation. For help drafting or modifying your prenuptial agreement, contact our Will County family law attorneys at 630-355-7776 today. At Law Office of Ronald L. Hendrix, P.C., our years of experience in divorce and family law and will make certain that in the event the worst should happen, you are protected and taken care of. 

Source

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