Should I Sign a Prenuptial Agreement in Illinois?

 Posted on September 12, 2024 in Family Law

Although "prenuptial agreement" is a well-known phrase that many people have heard, there is a great deal of confusion about what it means. Often, it comes up in TV shows portraying a couple about to get married when suddenly the wealthy fiance's family issues an ultimatum, telling the other fiance to sign the prenup "or else." 

Thankfully, the truth can be far less dramatic. Prenuptial agreements are practical documents that act like a contract, where both fiances are given a clear understanding of how financial matters will be handled in their marriage and in the hypothetical event of a future divorce. If you are wondering whether a prenuptial agreement is a good idea for you, contact a knowledgeable Wheaton, IL family law attorney to learn more.

The Benefits of a Prenup

One main reason people sign a prenup is the peace of mind it provides by dispelling the misconception that they will end up with nothing in a divorce. Married couples often merge their finances to some degree. 

Even if the spouses maintain separate bank accounts, they will still have a marital estate that would be divided in a divorce. The prenup allows them to determine which assets are separate and not subject to a division of property. 

Things like inheritance and gifts received from relatives can be designated as exclusive property in a prenup, and if couples end up getting a divorce, those items will remain under the recipient’s sole ownership. Couples can also sit down together and decide before they get married how they would like to handle spousal support, or alimony, if they later get divorced. 

Working out all of these issues way before they are relevant can also add to peace of mind by ensuring that if a divorce ever does become a possibility, the proceedings will take much less time and possibly cost less money.

When Not to Sign a Prenup

Of course, in addition to all the benefits, a prenup can also have drawbacks. Depending on who prepares it and the specific dynamic between the fiances and their families, one side could easily be manipulated into signing something that could harm rather than help them. That is why it is important for both spouses to protect themselves by understanding when a prenup is invalid:

• Undisclosed information:  If a fiance conceals or fails to disclose assets, it invalidates the prenup even if both spouses signed it.

• Pressure to sign: If one spouse was given a prenup to sign immediately before the wedding, or the future in-laws made signing it a condition for the marriage, this is a clear example of being pressured into signing it, which could make it invalid.

• Unjust provisions: People with significant means tend to have a family attorney and people with average finances tend not to. If the in-laws have their attorney draw up the agreement for the other spouse to sign, it likely represents their interests more than the spouse’s. If one spouse’s interests are disproportionately represented at the other spouse's expense, this could make the document invalid.

Schedule a Free Consultation with a DuPage County, IL Prenup Lawyer

If you are planning a wedding, speak with a skilled Wheaton, IL family law attorney to see whether a prenup is a good idea for you. It may not seem like the most romantic choice, but it can be extremely beneficial as long as it is a fair agreement. At Goostree Law Group, we are passionate about helping our clients make informed decisions that can protect their best interests. Call us at 630-364-4046 to schedule a free consultation.