What Is a Prenuptial Agreement?

 Posted on August 05, 2015 in Family Law

There are many exciting aspects of planning for a marriage. After getting engaged, many people throw parties - such as engagement parties or bridal showers, and focus on planning their wedding. They shop for dresses, meet with vendors, choose a venue, register for gifts and plan their honeymoon. Those who are not already living together before the wedding make plans to move-sometimes to a new home-for after the wedding. However, one thing that many couples avoid including in their planning is a prenuptial agreement.

Defining a Prenuptial Agreement

A prenuptial agreement is an agreement made between two parties before marriage that sets out the couple's rights and obligations should the marriage end by separation or divorce. The agreement can also include testamentary provisions - and spell out how property and assets should be distributed upon one or both parties' death.

parties or bridal showers, and focus on planning their wedding. They shop for dresses, meet with vendors, choose a venue, register for gifts and plan their honeymoon. Those who are not already living together before the wedding make plans to move-sometimes to a new home-for after the wedding. However, one thing that many couples avoid including in their planning is a prenuptial agreement.

Defining a Prenuptial Agreement

A prenuptial agreement is an agreement made between two parties before marriage that sets out the couple's rights and obligations should the marriage end by separation or divorce. The agreement can also include testamentary provisions - and spell out how property and assets should be distributed upon one or both parties' death.

According to Illinois law, prenuptial agreements may address property rights, and the disposition of property, rights in a death benefit from a life insurance policy, and rights to spousal support. Child support cannot be determined or prohibited by prenuptial agreements.

Prenuptial agreements must be in writing and signed by both parties; they go into effect upon the parties' marriage. In order to be enforced, the parties must enter into the agreement voluntarily with a fair and reasonable disclosure of each party's property and financial obligations. The agreement cannot be unconscionable; it cannot be unjust or unfair. They can be changed or revoked after marriage by an agreement that must also be in writing and signed by both parties.

Why Should I Get One?

It can be challenging, particularly in the midst of planning for a wedding and preparing to make a commitment to spend the rest of your life with someone, to bring up a prenuptial agreement and discuss the possibility of the relationship ending. However, prenuptial agreements can be useful tools to provide some peace of mind for the future.

Prenuptial agreements may be particularly important for some couples, including individuals with significant assets, couples with significantly different net worth, and individuals with business interests. When there is significant wealth at stake, and disparities in wealth between the parties, it is important to take steps to protect those assets if the marriage were to end.

In addition, couples with children from previous relationships may use prenuptial agreements to protect assets and inheritance for the children if the marriage ended.

Contact Skilled DuPage County Lawyers

Planning a wedding can be incredibly exciting, but it is important to plan for your marriage and your future as well. Contact our experienced DuPage County family law attorneys at The Stogsdill Law Firm, P.C. to discuss whether a prenuptial agreement might be right for you. Call 630-462-9500 to speak to an someone today.