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As people are starting to realize that protecting their personal property and assets with premarital agreements are not only for multimillionaires, prenups are becoming more and more common. It is not just about protecting your money or personal assets; it might very well be that there is some family property that you hold in high regard for its sentimental value, and you just want to make sure that property stays safe. Let us look at what the Illinois Uniform Premarital Agreement Act has to say about premarital agreements:
By the definition given in the IUPAA, a premarital agreement is ”an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” Because the agreement is enforceable without consideration, it has to be in writing and signed by both respective parties. Most people know not to sign a contract without knowing what they are agreeing to, but in this case it is important to also know that the premarital agreement is properly written, so that it is valid if it is needed. For help with premarital or postnuptial agreements, you should contact an experienced divorce and family law attorney.
After defining what a premarital agreement is, the IUPAA goes into the rights and obligations of the spouses in any of the property of either or both of them, regardless of when and where the property came to be theirs and where it is located. The two people signing the prenup are deciding on the rights to buy, sell, use, transfer, or take any action regarding the property in question. It is not only the immediate property that the agreement governs: spousal support, wills and trusts, and the ownership rights on life insurance benefits can also be included. A premarital agreement can, however, touch a number of issues and not just the ones mentioned
When you have a question about a legal issue, it might not be an easy one to find the answer to yourself. Premarital agreements are not an exception to the intricacies of law. Because a premarital agreement sets the course of action in case of divorce, it should be drafted with utmost precision and care. If you are thinking of getting a premarital or postmarital agreement, make sure it is properly written by a knowledgeable attorney. Contact a divorce and family law attorney in Illinois today.