Prenuptial Agreements: The Basics
Posted on September 14, 2012 in Prenuptial and Postnuptial Agreements
As divorce rates have been staying high for the past few decades, people have started to react to it with their actions before saying “I do.” Prenuptial agreements are becoming more common, because people have realized they want to protect their personal property and assets. Here is what the Illinois Uniform Premarital Agreement Act has to say on prenuptial agreements:
A premarital agreement is defined in the Act 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. Just like with other binding legal contracts, you should know that the agreement is written properly beyond any doubt and that you know exactly what you are agreeing to. An experienced Kane County family law attorney can aid you with these tasks.
The first aspect covered in the act 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. The parties will define the rights to buy, sell, transfer, and take several other actions regarding that property. Spousal support, wills and trusts, and the ownership rights on the benefits of life insurance are also determined in a prenuptial agreement. Keep in mind that these are only part of the matters the agreement governs.
As with countless legal issues, the questions you might have regarding prenuptial agreements might not be easy ones. A prenuptial agreement sets the course of action for different proceedings following a divorce, so it should be drafted with utmost care. If you are thinking of asking your spouse-to-be to sign a premarital agreement or your significant other has asked you to do the same, make sure you have a skilled attorney on your side to ensure the desired outcome. Get qualified legal help, and contact a knowledgeable Kane County family law attorney today.
