M. Scott Gordon & Associates - Chicago Divorce Attorney

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If you are going through a divorce in Chicago, Cook / Lake or Du Page Counties,  and want to better understand how it will affect you, contact the Chicago area Divorce attorneys at M. Scott Gordon & Associates, and see how we can help and support you through the divorce proceedings.

Premarital Agreements - Chicago Family Law

Premarital Agreements

By M. Scott Gordon

When people think of premarital agreements, they may consider them to be something used by couples with a high net worth. However, with the high rate of divorce in the U.S., asking for a premarital agreement, also known as a prenuptial agreement, can end up being a smart financial decision for most people. Even if you are not wealthy at the time you are getting married, you could advance in your career and amass wealth that could be protected by the premarital agreement.

How to Create a Premarital Agreement

Premarital agreements in Illinois are governed by the Illinois Uniform Premarital Agreement Act, and are enforceable in court if properly drafted to conform to this law. The law covers premarital agreements entered into after January 1, 1990. Under the law, a premarital agreement is defined as an agreement between future spouses, which is enforceable upon marriage. The agreement generally covers property interests, whether present or future, and can include earnings. The agreement has to be in writing and signed by both parties to satisfy basic formalities.

 In addition to outlining how property may be divided in case of divorce, death or other event, the premarital agreement can also cover several other things, including: the making of wills or trust provisions to make sure the terms of the premarital agreement are carried out; providing for or waiving marital support in case of divorce; who benefits from life insurance policies; and, even the law that would be used to interpret the agreement. However, a couple cannot make arrangements in a premarital agreement to negatively affect child support. In addition, despite a provision in an agreement limiting or denying spousal support (maintenance/alimony), if a judge determines that the couple’s circumstances have changed in a way that was unforeseeable at the time the agreement was signed, the judge may award spousal support anyway. The spouse asking for support would have to show that, because of the change in circumstances, failing to provide support would cause undue hardship.

In order to make sure that both parties enter into a premarital agreement knowingly and without being forced, each person must consult an attorney before signing the agreement. In addition, each person must be forthcoming about their financial situation. Finally, the couple should not put pressure on each other to sign the agreement days or hours before the wedding. This can be considered coercive and may affect the validity of the agreement later.

Contact an Illinois Family Law Attorney

 If you are planning to get married, and you are considering entering into a premarital agreement, you should make arrangements to have the agreement ready and signed long before the wedding day. To make sure the agreement is properly prepared and conforms to the law, contact an experienced attorney from M. Scott Gordon & Associates for a consultation on your case.