How to Make Sure Your Illinois Prenuptial Agreement is Fair

 Posted on May 14, 2021 in Family Law

A prenuptial agreement can be a useful tool for protecting both partners’ financial and property interests during their marriage. It can often help simplify the divorce process if the marriage fails. However, prenuptial agreements can be a sore subject for some couples, especially if one spouse has significantly greater assets and is more interested in creating the agreement than the other. If your spouse asks you to sign a prenup, there are several things you can do to ensure that the agreement is fair to you as well as your spouse.

Considerations When Signing a Prenup

Before you go through with signing a prenup, here are some important things you should consider:

• Discuss your financial goals with your partner. Ideally, creating a prenuptial agreement should be a collaborative process. If your spouse comes to you with a fully drafted prenup, consider asking to share your own input rather than simply agreeing to their terms. Discussing your financial goals as a couple and each of your individual financial goals can better ensure that the agreement meets both of your needs.

• Make sure you have all of the information you need. If your spouse wants you to sign a prenup, they should be willing to share important information with you about their finances, including their income and all of their assets and debts. In fact, according to Illinois law, a prenuptial agreement can be invalidated if either spouse lacked adequate knowledge of the other’s finances before signing it. Ask your spouse to share their financial documents with you, and if you think they may be hiding something, consider consulting with an attorney to investigate the situation further.

• Do not give up something you are uncomfortable with. A prenuptial agreement may ask you to waive your right to certain assets that would otherwise be considered marital property, or your right to spousal support in the event of a divorce. If you are uncomfortable with giving up the possibility of alimony or your interest in a property like your home or a business you have been involved with, consider voicing your concerns and renegotiating the agreement with your spouse.

You should also know that it is possible to update your prenuptial agreement after signing it, including during your marriage. If you are no longer satisfied with the original terms, or if your financial situation has changed, you can ask your spouse to revisit the agreement and work together to make any necessary changes.

Contact a Hinsdale, IL Prenuptial Agreement Attorney

One of the best ways to ensure a prenuptial agreement is fair is to review it with a knowledgeable DuPage County family law attorney. At the Law Office of Martoccio & Martoccio, we will help you understand the implications of a proposed prenup, and we can also work with you and your spouse to draft an equitable agreement that will hold up in court. Contact us today at  to schedule a free initial consultation.

Source:

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