What is a Prenuptial Agreement? What Can We Agree to?

 Posted on September 30, 2015 in Prenuptial and Postnuptial Agreements

As couples consider marriage, they may also wish to consider prenuptial agreements. Prenuptial agreements are no longer something used to protect the wealthy. Prenuptial agreements are also used by couples from different financial backgrounds to determine how they will handle various issues if they divorce.

If you are considering a prenuptial agreement, it is imperative that you understand their full capabilities, as well as limits, before signing any documents presented to you.

What is a Prenuptial Agreement?

A prenuptial agreement, or prenup, is a legal document that potential spouses create before they are married. Usually, a prenuptial agreement helps a couple figure out how to deal with their assets, debts, and other financial issues if they decide to divorce or if one spouse passes away. The document can also lay out the couple’s agreement for addressing these issues during their marriage. The agreement is valid as long as both spouses sign it and it goes into effect the day the couple gets married.

Why Should I Get a Prenuptial Agreement?

There are several reasons a couple may want a prenuptial agreement. You can use a prenuptial agreement to protect the inheritance of children from a previous marriage. You can also use a prenuptial agreement to protect assets you had before marriage such as a business, retirement accounts, or property owned by your family. A prenuptial agreement will also allow you to figure out what will happen to property you and your potential spouse acquired during the marriage. The court can divide your assets during a divorce, however, creating your own agreement will allow you and your future spouse to figure out what happens to your property rather than leaving it to a judge.

What is Not Allowed in a Prenuptial Agreement?

There are limits to what a couple can and cannot include in their prenuptial agreement. To be sure, the state of Illinois will not allow a prenup to include the following types of provisions:

• Illegal Provisions: Illinois law will not allow you to make any illegal agreements in a prenuptial agreement. Any agreements that are contrary to the law could be grounds for invalidating portions of the agreement, if not the the entire agreement; and
• Decisions on Child Support or Child Custody: Prenuptial agreements cannot make determinations on child support or custody. The court must make determinations on these issues based on the “best interest of the child”. The court will not relinquish its power to decide a child’s best interests and will not deny a child proper financial support or the chance to have a relationship with a parent.

Contact an Attorney

A prenuptial agreement may not be the most romantic way to begin a marriage. However, a prenuptial agreement can be very useful for a couple should they decide to divorce. If you are considering developing a prenuptial agreement with your future spouse, and would like to understand more about what issues you can and cannot include in your agreement, then you should contact the DuPage County prenuptial agreement lawyers at the Davi Law Group, LLC. We can give you advice on important issue to include in your agreement. Contact us at to discuss your prenuptial agreement.

Source:

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