In a previous blog, we discussed the many benefits that an engaged couple can gain from signing a prenuptial agreement. A prenuptial agreement or “prenup” protects each spouse’s financial interests and dictates how property division and other issues will be managed in the event of divorce. Many couples find that the act of creating the prenuptial agreement itself is also hugely beneficial to their marriage. When spouses understand their financial rights and responsibilities prior to marriage, they may be less likely to get into arguments about money in the future. Prenups must be written in a way that meets Illinois state guidelines. There are many problems that can cause a prenuptial agreement to be declared invalid.
Each Spouse Must Be Transparent About His or Her Finances
A prenuptial agreement must include a full account of each spouse’s property and debt. Before decisions can be made about how property should be divided in the event of divorce, the spouses must fully understand each other’s financial circumstances. If a spouse does not disclose all of his or her property and debt, the decisions made in the prenup will be based on incomplete information. If it is discovered that a spouse was not honest about finances during the creation of the prenuptial agreement, the document may be considered invalid during divorce proceedings. This is just one of many reasons it is so important to have a qualified family law attorney review any prenuptial or premarital agreement you create with a soon-to-be spouse.
What a Premarital Agreement Cannot Include
A prenuptial agreement cannot include any provisions which dictate how child custody or child support is managed. These are separate issues that are determined by Illinois statute during a divorce. Prenuptial agreements also cannot contain “unconscionable provisions.” These include provisions that are grossly unfair or unreasonable. For example, a provision that assigned all of the marital property to one spouse and left the other with nothing would likely not be enforced by the court. Furthermore, a prenuptial agreement may not be signed under duress. If a spouse was tricked, forced, or coerced into signing a prenup, the document may be thrown out entirely. Spouses must also have enough time to contemplate the terms of a prenuptial agreement. A prenup that is handed to a spouse mere hours before the wedding ceremony would almost certainly be considered invalid.
Contact a St Charles. Family Law Attorney
For help drafting a prenuptial agreement or other family law needs, speak with a knowledgeable Kane County family law attorney from Shaw Family Law. Schedule a free, confidential consultation by calling us today at 630-584-5550.