Premarital Agreement in Illinois – Wedding season is coming up soon in Illinois. Couples in Chicago are planning elaborate parties, looking for a place to live and generally getting ready for adjustments in their life. However, the majority of couples do not take the time to plan their financial future which can lead to serious problems later on their marriage. Premarital Agreements or “Pre-Nups” have a bad reputation and bring along connotations that the one seeking the premarital agreement expects to get divorced and wants to give the other spouse nothing if a divorce happens. This is not the situation in the majority of cases. Most prenups and drafted fairly and benefit both spouses.
You learn a lot: When you seek out an attorney in Illinois to help you with a premarital agreement (don’t try and write your own, I’ve never seen a homemade premarital agreement be found valid by a court), you get an education in family law. You learn how property is divided in divorce, when the court awards spousal support (and when they don’t) among other things. You would not buy house or business without getting legal advice, why should marriage be different?
It’s starts the marriage off clear: If you inherited money from your grandfather and want to keep it separate from the marriage, that is something you need to discuss with your spouse and which can be dealt with in a premarital agreement. If you know that any property acquired during the marriage is going to be owned equally (50/50), then you want that to be made clear too.
It’s similar to insurance: People have car insurance not because they know they are going to have an accident, but because they know it could happen. Very few people go into a marriage knowing they are going to eventually divorce, but smart people know it could happen whether they want it to or not. Savvy Illinois business owners always have a buy-sell agreement (a premarital agreement for business owners). Why should marriage be different?
A well written agreement should make your divorce case easier: The key is well written agreement. Make sure whomever drafts your premarital agreement concentrates their practice is family law in Illinois. If the final agreement is clear, unambiguous and not unconscionable, it should make resolving your divorce case much easier, quicker and cheaper.
Unfair or totally one sided prenups don’t hold up in Illinois: It’s a myth caused by popular television and movies that most prenups give the other spouse nothing. Having an agreement that is totally one sided will likely cause the court to find the agreement invalid. That said, a premarial agreement does not need to benefit both spouses equally. It needs be bargained for in good faith and with both sides having adequate time and advice prior to signing the agreement. If the agreement is drafted properly, it should hold up.
Please contact Family Law Attorney Patrick Markey for more information about Premarital Agreements in Chicago, Illinois.