Protect Your Future: Prenuptial Agreements in Illinois

 Posted on May 20, 2014 in Family Law

Getting married is an exciting and joyful event any couple’s relationship. When a couple gets married, they promise to honor and love each other until death, and are excited to share the rest of their lives together. However, staying married forever is not the reality for some couples. Divorce rates in Illinois are currently declining, but divorce is still not uncommon in Illinois.

Even though marriage is a time to think about your future with your spouse, you should also think about protecting yourself in case that marriage ends. Prenuptial agreements, also referred to as prenups, are arrangements for the division of assets and finances if you and your spouse ever divorce. The agreement is signed by you and your spouse before marriage, and is presented during divorce proceedings to provide for a less complicated separation.

What is a Prenuptial Agreement in Illinois? 

Illinois law specifies the requirements for prenuptial agreements in the Illinois Uniform Premarital Agreement Act. In Illinois, prenups must be in writing and signed by both spouses. The agreements go into effect once you and your spouse are married. The law also specifies what the parties to a prenuptial agreement can contract for, including:

• Property Division: The rights and obligations of each party in regards to all property, regardless of if it is jointly owned by the spouses, or owned by just one of the spouses. This includes all property no matter where it is located;
• Spousal Support: Spousal support in Illinois is called maintenance once the marriage has ended. This type of financial support can be modified or eliminated in a prenuptial agreement;
• Choice of Law: The agreement can specify what state’s laws govern the construction of the agreement. Some state’s divorce laws are more favorable for certain aspects of a divorce, so choosing which state’s law will govern the agreement can be very important;
• Wills and Trusts: The agreement can provide for the creation of a will or trust that will carry out the requirements of the agreement; and
• Life Insurance: The agreement can state who will benefit from your life insurance policy and how that policy will be divided among the beneficiaries.

In addition to these contract provisions, Illinois law allows parties to use prenuptial agreements to contract for almost anything. There are a few restrictions on prenuptial agreements. In Illinois, prenuptial agreements cannot:

• Adversely affect the right of a child to receive child support;
• Violate public policy; or
• Violate any criminal law.

Illinois allows prenuptial agreements to be amended after they have gone into effect. A prenup amendment must be in writing and signed by both parties.

Illinois Prenuptial Agreement Attorneys Can Help

Prenuptial agreements can be beneficial to all couples. Even though it is difficult to think about divorce before you are already married, it is important to protect yourself and your assets if you ever do get divorced. At Martoccio & Martoccio, we will work with you to create a prenup that will meet your needs. Located in Hinsdale, Illinois, our skilled prenuptial agreement attorneys have years of experience working with clients in DuPage, Cook, Kane, and Will Counties. Contact us today to begin planning for your future.