What is a Prenuptial Agreement?

Illinois allows for prospective spouses engaged to be married to enter into premarital agreements leading up to their weddings. These agreements are called Prenuptial agreements, commonly known as “prenups.” Prenups are written agreements that are signed by both parties that address the following topics: 

  • Rights & Obligations of each of the parties related to property of either or both 

  • Right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, mortgage, encumber, dispose of, or otherwise manage and control property

  • Disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event

  • Modification or elimination of spousal support (known as Maintenance in Illinois)

  • Making of a will, trust, other arrangement to carry out the provisions of the agreement

  • Ownership rights in and disposition of the death benefit from a life insurance policy 

Chicago Prenuptial Agreement Attorney

What are the benefits of obtaining a prenup? 

Many couples shy away from obtaining a prenup prior to getting married because they don’t want to go into their marriage assuming that it will fail and they are misguided into believing that prenups are only for wealthy people. Prior to your marriage, it’s critical to understand all of the ways that a prenup can benefit both parties of the couple. It does not require either party to be wealthy in order to be beneficial and couples of all socio-economic statuses enter into prenups to protect themselves in their marriages every day. Being aware of all the ways in which you can protect yourself with a prenup will empower you and your spouse to make smart decisions in managing your assets in your marriage in a way that won’t be detrimental should the marriage end. 

Here are some tangible ways that a prenup can benefit you: 

  • Clarifies financial expectations for both parties in a formal and structured setting and promotes honest conversations about money and debts

  • Facilitates a more cordial divorce

  • Provides for an amicable negotiation process with the other party, since negotiation is easier when you are on good terms which can lead to a more favorable outcome

  • Full and fair financial disclosures that happen during the prenup process ensure that both parties enter the marriage with full knowledge of their mutual assets and liabilities

  • Ensures financial stability for both parties regardless of who’s wealthier

  • Identifies and protects your property

  • Protects either party from the other spouse’s debt

  • Keeps inheritance and gifts from family safe

Are there special considerations for same-sex couples or transgender folks seeking a Prenup?

While the LGBTQ+ community is not a monolith and very diverse, many same-sex couples get married later in life which may mean that they have more assets to protect. While only 18% of LGBGTQ+ adults are parenting children according to the Williams Institute, many same-sex couples do have pets that they may want to protect in the event of a divorce. Moreover, surrogacy and fertility treatments are more common in same-sex marriages. While Illinois prohibits any determination of child support or custody arrangements in a prenup, you can establish guidelines over complex decisions, such as who gets the frozen embryos if you are to divorce. Additionally, Equity Law, LLC is experienced at representing gender expansive clients to honor both party’s identities in the negotiation of a prenuptial agreement so that everyone feels safe and supported in the process. 

 

Are Prenups Enforceable? 

Prenups are enforceable in Illinois, but it’s important to have the assistance of an attorney to ensure that the agreement complies with all state statutory requirements and will be enforced should you need to rely on the agreement in the future. A valid prenup is a legally enforceable contract that Illinois courts will enforce.

 

Generally enforceable prenups need to meet certain qualifications including: 

  • The agreement must be in writing

  • Both parties must enter in the agreement voluntarily

  • The agreement cannot contain terms that are excessively unjust or unfair

  • The agreement should not require one party to rely on public assistance

  • All assets and debts of both parties must be disclosed prior to signing the agreement

Book a consultation with Equity Law, LLC to find out how a prenup can benefit you.