Premarital Agreements in Illinois

 Posted on October 05,2012 in Prenuptial Agreement

Everyone has heard that half of marriages end in divorce, so it is getting more and more common to take legal action to protect your personal assets and property. The easiest and the most common way of doing this is to have your future spouse sign a premarital agreement. Here are the basics of what the Illinois Uniform Premarital Agreement Act says about prenuptial agreements:

What is a premarital agreement?

A premarital agreement is defined in the IUPAA as "an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage." The agreement must be in writing and it has to be signed by both parties. After it is signed, it is enforceable without consideration. As with all legal contracts, you should make sure that the agreement is written properly and that you know exactly what you are agreeing to. Get an experienced family law attorney to help you with such matters.

What am I agreeing to?

The first matter is defining the rights and obligations of the spouses in any property of either or both of them. It does not matter when and where the property was acquired and where it is located. A premarital agreement should clearly state the rights to buy, sell, use, transfer, and do several other things regarding that property. Wills and trusts, spousal support, and the ownership rights on the benefits of life insurance are also a part of the agreement. These issues are not, however, all that the agreement governs.

The questions you might have regarding prenuptial agreements, or any other family law issue, are not always simple. A premarital agreement sets the course of action for a number of matters in case of a divorce, so it should always be written with utmost care. If you are planning to ask your future spouse to sign a premarital agreement, or your fiancé has asked you to do the same, get the help of a skilled family law attorney. Contact our offices in Lombard, Illinois and Arlington Heights, Illinois.