What is a Prenuptial Agreement?
Frequently, couples who are planning to be married enter into a written agreement that determine what happens to each party’s individual assets and any joint assets in the event of divorce, legal separation or death. While the contents of these agreements can vary, they typically include provisions regarding property division and spousal support. These agreements are referred to as a prenuptial agreement, an ante-nuptial agreement, or a premarital agreement. While the contents of these agreements can vary, they typically include provisions regarding property division and spousal support. If you are considering entering into one of these agreements, a skilled lawyer can help you to properly document your wishes.
The advantages of having a prenuptial agreement for both parties are:
(a) Avoiding Litigation Costs
(b) Protecting Family Assets,
(c) Protecting Business Assets,
(d) Protection against Creditors,
(e) Child Custody and Support Guidelines; and
(f) Predetermined Disposition of Property.
Bruzgul & Associates drafts, reviews and negotiates prenuptial and post-nuptial agreements. The goal of these agreements are to ensure that separate property is protected and does not become a marital asset.
Can A Prenuptial Agreement Be Challenged?
A judge cannot simply toss out a valid contract between parties. However, if the prenuptial agreement is contested, the court can consider whether the less-monied spouse gave informed consent under Illinois statute. The Court will consider factors such as: a) was the agreement patently unfair; 2) was it presented as an ultimatum on the eve of marriage; 3) did the agreement fully disclose all assets and income of the parties; and 4) was the original prenuptial agreement amended after the marriage?
Do you have questions about premarital or postnuptial agreements? Contact us by sending us a message or calling us at 1-312-558-1850.