Considerations for a Chicago Prenuptial Agreement
A Chicago prenuptial agreement establishes certain property rights in the event of death or divorce. A prenuptial agreement is a way to avoid the default laws of the state. When drafting a Chicago prenuptial agreement, take time to consider the following:
Whether to Use a Prenuptial Agreement
Some parties mistakenly believe that a prenuptial agreement is only for the wealthy. However, prenuptial agreements are increasingly common today and used for various situations besides wanting to maintain pre-marital property. For example, a prenuptial agreement can protect children from a prior marriage. It can also help keep a family business in the family.
Provisions to Include
Illinois allows great latitude in prenuptial agreements. It can contain provisions on almost any subject matter so long as they are not criminal, do not limit a child’s right to support or negatively affect public policy. Common provisions include how to dispose of property, how to treat certain assets that were owned prior to the marriage as opposed to during the marriage, spousal support and other rights and obligations to income and property.
Soon-to-be spouses may agree to the terms of a prenuptial agreement. However, the point of a prenuptial agreement is to ensure that it will be upheld if the worst occurs. Engaged couples should ensure that all legal requirements are met, that they are represented by independent legal counsel, that the agreement is put in writing and that accurate and complete information regarding their finances is provided to avoid challenges to the agreement.