What Does a Prenuptial Agreement Protect in an Illinois Divorce?

 Posted on July 31, 2019 in Family Law

Going through a divorce can be a messy process, especially when it comes to splitting the assets between the two partners. Sometimes, it is hard to agree upon how to divide certain pieces of property, businesses, monetary assets, etc. so that both parties can separate happily. This is why many people do not enter a marriage without a prenuptial agreement. This is a legal and binding document signed before a marriage begins, and it predetermines who is entitled to what assets in case of a divorce.

What Can Be Included in a Prenuptial Agreement?

Illinois law says that issues related to a couple's children, such as child support and the allocation of parental responsibilities, may not be affected by a prenuptial agreement. Things that can be protected by means of a prenuptial agreement include:

• Division or disposition of property

• The right to manage property, including buying, selling, exchanging, and abandoning assets

• The modification or elimination of spousal support

• The ownership of death benefits from a life insurance policy

• The venue where any legal disputes over the agreement will be held

Aside from child-related issues, a prenuptial agreement cannot make decisions about any activity or business that goes against public policy.

Why Would an Agreement Be Considered Void?

In Illinois, both spouses must agree willingly to a prenuptial agreement, and they both must sign the document in order for it to be considered valid. The agreement can be considered void if either of the two parties can prove that he or she was unwilling but signed the document because he or she felt threatened by the other partner. The document can also be considered invalid if any assets or financial information were not fully disclosed while the agreement was being written. A prenup may also be found to be invalid if it is unconscionable, or grossly unfair to one party.

Contact an Arlington Heights, IL Prenuptial Agreement Lawyer

If you are about to enter into marriage, you may want to consider creating a prenuptial agreement. It is important to know what items can and cannot be included in a prenup. A lawyer from A. Traub & Associates can help you draft this legal document correctly to make sure decisions are made fairly in the event of a divorce. To schedule an appointment with a Rolling Meadows prenup attorney, call 847-749-4182.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59