Should We Update Our Illinois Prenuptial Agreement?

 Posted on September 23,2020 in Prenuptial Agreement

Before your marriage, you and your partner may have given significant time and consideration to the creation of a prenuptial agreement that clarifies each of your interests in and control over marital and non-marital properties. A thoughtful prenuptial agreement can be useful not only to smooth the process of a possible divorce but also to reduce uncertainty and increase comfort throughout your marriage. However, you may find in the years following your marriage that your original prenuptial agreement is insufficient or no longer relevant to your current situation. In this case, you may want to consider legally amending it.

Reasons to Amend Your Prenuptial Agreement in Illinois

As long as you and your spouse agree on the need to amend your prenuptial agreement, you can do so at any time. It is often a good idea to revisit your prenuptial agreement whenever there has been a significant change in your financial or family circumstances, such as:

• Changes in income: If your prenuptial agreement included provisions for spousal support, you may wish to amend them after a significant change to either spouse’s income. For example, if the paying spouse loses his or her job or experiences a decline in income, you may wish to reduce or eliminate the payment obligation. You may choose to do the same if the receiving spouse experiences an increase in income that allows for financial independence. On the other hand, if the original agreement did not include spousal support, you may wish to add it if one of you loses your job or becomes unable to work.

• Acquiring new assets: After your marriage, one or both of you may experience a substantial increase in assets. Perhaps you have started a business or created an intellectual property of significant value that you wish to protect in the event of a divorce. You also may want to adjust your prenuptial agreement if you have received an inheritance since your marriage.

• Having children: While neither your original prenuptial agreement nor any amendments can address child support, parenting time, or parental responsibilities for your children, having kids can impact your financial situation and property preferences as well. You may wish to update your prenuptial agreement to ensure that each parent would have the assets he or she needs to properly care for and support the children after a possible divorce.

It is also possible to revoke a prenuptial agreement entirely after your marriage if you and your spouse are both unsatisfied with it or believe it is unnecessary. However, this can make things more difficult if you eventually decide to get a divorce, as decisions about the division of property will have to be revisited anew.

Contact a Wheaton Family Law Attorney

At A. Traub & Associates, we know that a prenuptial agreement can contribute to a happy and secure marriage, and we want to help you and your spouse create or amend an agreement that works for both of you. To learn what circumstances may warrant a change in your prenup, call our knowledgeable DuPage County family law attorneys today at 630-426-0196 to schedule a confidential consultation.

Source:

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