Prenuptial agreements are a growing phenomenon as the amount of divorces has also grown during the last few decades. People want to protect their personal property and assets, even after saying "til death do us apart." Here are a few things the Illinois Uniform Premarital Agreement Act says about prenuptial agreements.
The premarital agreement is:
The Act defines the premarital agreement as ”an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.” The agreement must be in writing and signed by both parties, and it is enforceable without consideration. As with any binding legal contract, you should be certain that the agreement is written properly and that you know exactly what you are agreeing to.A knowledgeable family lawyer can help you with these matters.
Matters the parties are agreeing to:
The first aspect is the rights and obligations of each spouse in any of the property of either or both of them, regardless of when and where the property was acquired and where it is located. The parties are defining the rights to buy, sell, use, transfer, and take numerous other actions regarding that property. Spousal support, wills and trusts, and the ownership rights on the benefits of life insurance are also covered in a prenuptial agreement. Note that these are only part of the matters the agreement governs.
As it often is with legal issues, the questions you might have regarding prenuptial agreements are not always easy ones. A prenuptial agreement sets the course of action for many different proceedings that would follow a divorce, so it should be written with utmost care. If you are thinking of asking your future spouse to sign a premarital agreement or your spouse-to-be has asked you to do the same, make sure you have a skilled attorney on your side to ensure the desired outcome. Contact an experienced family law professional in Naperville, Illinois today.