Everything about Illinois Prenuptial Agreement
Everyone marries with the hope of a lifetime union. Unfortunately, things may not always end up as expected, and some marriages are cut short sooner through divorce, separation, or death. While you cannot predict what will happen in your marriage, the least you can do is to prepare yourself for anything that comes your way. Ensure your finances are in order such that if your marriage ends today, you can quickly get back on your feet.
This is where a prenuptial agreement comes in to protect your property and finances, regardless of whether your union lasts or not.
Keep reading to understand the essential things about the Illinois prenuptial agreement.
Who Can Get a Prenuptial Agreement in Illinois?
To some people, Illinois prenuptial agreement is thought of as only for the wealthy and famous. They feel like putting financial terms and conditions on their marriage is unromantic. Nonetheless, a prenuptial agreement is not meant to restrict couples. Instead, it helps them trust each other more and have peace of mind knowing that their future is secured.
Anyone who wishes to get married in Illinois can sign a prenuptial agreement to serve as a legal contract on how they want to use their properties during marriage and divide them in the event of a divorce.
You are perfect to sign a prenuptial agreement if:
- You have kids from a past relationship, and you wish to protect their inheritance
- You have a significant amount of wealth
- Either you or your spouse has huge debts
- You want to predetermine how you will use and divide marital properties in the event of divorce or separation.
What Is Covered by Premarital Agreement in Illinois
A Prenuptial agreement covers anything property and financial-related as long as it does not violate the law. Some aspects to include in the prenup are:
- How do you intend to handle and divide marital property during divorce
- How do you want to repay debts, both personal and joint
- If inheritance and gifts will be included as marital property
- If either of you will pay alimony to the other, the amount and for how long
- If you are eligible for each other's life insurance benefits in case of death
A prenuptial agreement in Illinois does not cover child custody and support. The issue has to be decided by the court when that time comes.
Requirements For Illinois Prenuptial Agreement Enforceablebility
Section 750 ILCS 10/7 of the state law outlines the laws and requirements for prenuptial agreement enforceability. Some conditions that must be fulfilled under this law include:
- The contract should be in written form and signed by both spouses
- Although notarization and signing by witness and notarization is not compulsory, it is recommended to certify the signature
- Both spouses should sign the contract willingly and should be competent to do so
- The prenuptial agreement should be conscionable, meaning that both parties should voluntarily disclose adequate information regarding their wealth and liabilities
- If one party does not disclose information about their property and debts, the other one should willingly waive the right to get financial disclosure
The court may refuse prenuptial agreement enforcement if it was not signed voluntarily or if one or both spouses did not disclose helpful information about their financial capacity and debts.
Similarly, if the contract is unconscionable or seems unfair to one party, it will be invalid. Also, if prenup was signed because of coercion and threats, it will be rendered invalid, and the liable party will be subject to fines.
It will help to seek legal counsel for guidance when signing a prenuptial agreement to avoid making any violations. Get a downloadable free Illinois prenuptial agreement form from our site to fill in the details.