A prenuptial agreement, often called “prenup” for short, is an important legal contract that a couple creates before they get married. Some people mistakenly assume that prenuptial agreements are just meant to take advantage of the other party in the event of a divorce, but that is not the reason for most prenups. Instead, prenups can have a variety of benefits and purposes. They can address financial concerns and help reduce conflict if a married couple decides to divorce.
When creating a prenup, it is imperative for each party to be represented by independent legal counsel. At Momkus LLC, our DuPage County family law attorneys have years of experience drafting and reviewing prenuptial agreements. Our team also has related experience that can be extremely helpful in these situations, including in the areas of estate planning and business law.
Topics to Cover in Your Prenuptial Agreement
Prenuptial agreements can address a wide variety of important matters. Some of these can include:
- Asset Distribution: In your prenuptial agreement, you can determine ahead of time what is considered marital property and what will be separate property. This can include assets like investments, homes, retirement accounts, family-owned businesses, boats, cars, etc.
- Passing Separate Property to Children: This is especially common if you have children from a prior marriage or marriages, and you want to ensure you pass property to them after your death. Without a prenuptial agreement, your surviving spouse could make a claim to a large portion of your property, which would leave less for your children.
- Alimony: You can set forth the amount of spousal maintenance you or your spouse will receive in the event you file for divorce at some point. You can also include a provision to waive alimony in the event of a divorce.
- Debts: A prenuptial agreement can also set forth plans for how existing debts will be handled during a divorce. This can also include tax bills as well.
Prenuptial agreements will not address topics like child care and custody, any criminal matters, or those that are contrary to public policy.
Things to Remember with Prenuptial Agreements
When you are preparing to create a prenuptial agreement, there are important things you need to remember. For one, both parties have to disclose all of their financial information to each other. There needs to be a clear understanding of each side’s net worth, including any expected inheritances, if applicable and known.
Prenups need to be fair, although this can be subjective. What is fair in a divorce involving two people who were married for one year will be entirely different than in a divorce involving a couple married for 15 years who have three minor children, or a couple who were married for 10 years with children from prior marriages.
Contact a Lisle Prenuptial Agreement Attorney
If you need assistance with drafting or reviewing an Illinois prenuptial agreement, it is important to speak with a knowledgeable DuPage County family law attorney. Contact Momkus LLC today at 630-434-0400 to schedule an initial consultation.