Benefits of Prenuptial and Postnuptial Agreements in Illinois 

 Posted on May 25, 2023 in Family Law

 Prenuptial or postnuptial agreements are important legal tools that can be used for various purposes before or during a marriage. These documents are contracts between couples who intend to get married (in the case of prenups) or who are already married (in the case of postnups).

Spouses or soon-to-be spouses can use these agreements to set rules about how property will be divided in case the couple decides to divorce in the future. However, these documents are also used to address issues other than divorce.

Although prenuptial and postnuptial agreements are often considered highly self-protective tools, they have several important practical uses for both parties and can bring them peace of mind during their marriage.

Benefits of a Prenuptial or Postnuptial Agreement in Illinois

In Illinois, prenuptial or postnuptial agreements may be used to create various provisions related to the following issues.

1. Division of Assets

For many married couples, dividing assets and property upon divorce is the primary purpose of a prenuptial or postnuptial agreement. Often, a wealthier spouse would request a prenuptial agreement to govern how certain property will be divided in case the couple seeks a divorce. However, a prenuptial or postnuptial agreement does not allow terms that would leave one spouse completely destitute, as that can invalidate the agreement.

2. Reserve Specific Property

Today, many people enter into marriage at an older age than people in the past. This often means that the spouses already own considerable property before marriage, which they want to protect with a prenuptial or postnuptial agreement. 

In addition, prenuptial and postnuptial agreements can also be used in case a spouse has inherited property they want to keep in their own family.

3. Spousal Support

The couple may want to add provisions about spousal maintenance if they divorce. For example, a stay-at-home parent who gives up his or her career to care for children may want the security of knowing that, if the marriage ends, he or she will have financial support. 

4. Inheritance for Children

This clause can be helpful if a spouse wants to ensure that their children from a previous marriage receive assets if they marry a new spouse. People who marry a second or third time often use prenups or postnups to ensure children from previous relationships inherit certain assets upon the parent’s death.

For example, one of these agreements can be used to ensure that a family heirloom stays in the family, even in case of divorce or death.

5. Categorize Non-marital Property

If one or both spouses own a professional practice or business, it may be considered marital property, partly or entirely, upon divorce. As such, business owners often use these contracts to categorize professional practice or business interests as non-marital assets.

The above are just a few types of clauses that you and your spouse can add to a prenup or postnup agreement. 

Contact a Hinsdale Post or Prenuptial Agreement Attorney

If you are interested in drafting a prenuptial or postnuptial agreement in Illinois, you can contact a Hinsdale post or prenuptial agreeent attorney at the Law Office of Martoccio & Martoccio. Our prenuptial and postnuptial lawyers can represent your interests throughout the process.

Schedule an appointment with us today by calling 630-920-8855.

Source:

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