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Illinois Prenups, Prenuptial Agreements, Premarital Agreements

The premarital agreement or "prenup" is a binding contract allowed by law in Illinois for people who will marry. The agreement can be used to protect and keep assets separate between spouses, predetermine division of property in the event of divorce, and more.

Prenups are very important. We would recommend them for anyone considering marriage. They may not seem romantic, but they do protect both spouses. Anything that makes divorce simpler and easier (and cheaper!) is worth the expense. And if you think divorce won't happen to you, just remember about half of all married couples get divorced. It is a reasonable precaution, like having an estate plan. In fact, prenups can be an important part of estate planning.

They can include a termination provision as well--that is the terms of the prenup could state that it expires after you have been married for a certain time (like 10, 15, 20 years).

If you have another lawyer do a prenup for you, be sure it includes a full disclosure of all assets, liabilities, and three years of tax returns for both spouses. It prevents the only real weakness of the prenup--the claim that the other spouse failed to disclose his/her assets and liabilites and fraudulently led the spouse to sign the agreement.

We do recommend you have prenups signed as long before the marriage as possible, and at least thirty days before. You can do it closer to the marriage, but it is better to avoid the appearance of coercion or some kind of rushed/forced signing.

Consider having our firm prepare a prenup for you. Please call attorney Raiford Palmer at 630.434.0400 Ext. 165 for a free consultation.

All prenups are done for a flat fee.

posted by Raiford Palmer at 12:18 AM

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