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What to know about prenuptial agreements

On Behalf of | Sep 11, 2020 | Family Law

Illinois law typically allows married couples to create custom marriage contracts. These contracts are often referred to as prenuptial agreement or premarital agreements. It is worth noting that creating a prenuptial agreement doesn’t mean that a marriage is more or less likely to succeed.


Allow plenty of time to negotiate and execute the deal


A premarital agreement may be invalidated if you or your spouse believe that it was signed while under duress. If you or your spouse were not given an opportunity to review the deal with an attorney before it went into effect, there is a good chance that it will be thrown out by a judge. As with most legal contracts, a prenuptial agreement may also be thrown out if either party engages in fraudulent activity.


Reasons to consider getting a prenuptial agreement


Negotiating a custom marriage contract can provide an opportunity for couples to talk about a variety of financial issues. For instance, you will likely learn more about any assets or liabilities that your partner has, and he or she will learn more about your existing debts and liabilities.


You can also take steps to protect separate assets or ensure that any children that you have from a previous marriage receive their inheritance after you pass on. Finally, coming to an understanding regarding financial issues today may enable you to avoid lengthy and potentially costly legal battles if your marriage comes to an end.


If you believe that your marriage may be coming to an end, it might be a good idea to hire a family law attorney. An attorney may be able to review a prenuptial agreement to determine if it’s still valid. This person may also be able to help resolve issues related to child custody or support.