Prenuptial agreements, also known as premarital agreements or prenups, are becoming increasingly common in the state of Illinois, including in Dupage County. These agreements are contracts that are entered into by two people before they get married, and outline how their assets will be divided and what will happen to alimony payments if the couple divorces.

Prenups can be an essential tool for protecting the financial interests of both parties in a marriage. In Illinois, the law provides that a lawyer must represent each party in a prenup, and the agreement must be fair and reasonable at the time it is signed. If a prenup is found to be unfair or one-sided, a court may choose to not enforce it.

Reasons for Prenuptial Agreements

One of the most common reasons people enter into a prenup is to protect their separate property, such as assets they owned before the marriage or inheritances they expect to receive. Without a prenup, these assets may be considered marital property and subject to division in the event of a divorce. A prenup can also be used to establish how property acquired during the marriage will be divided, such as a family business or real estate.

It is smart to think about the advantages of a prenuptial agreement if you are getting married or considering asking your significant other to marry you. Contrary to common misconception, signing a "prenup" is not only a way to "get ready for divorce," and in many circumstances, having an established agreement throughout a marriage will be advantageous for both parties. 

Without the help of an experienced attorney, it can be challenging to secure the legitimacy of a prenuptial agreement because the rules governing them are continuously changing. Our attorneys at the Andrew Cores Family Law Group keep up with case law developments and adapt any new knowledge to the issues and circumstances of our clients. We will help you ensure that your prenuptial agreement complies with all current legislation to avoid having it declared void.

What Can a Prenuptial Agreement Cover?

In Illinois, prenuptial agreements may cover any or all of the following topics:

For decades, the Baby Boomer generation – those born between 1946 and 1964 – was the largest generation. But in 2019, the Boomers were surpassed by the Millennials – those born between 1981 and 1996. Now that there are more Millennials than other generations, they are definitely putting their mark on society, including the increase in prenuptial agreements. But unlike Boomers, the issues addressed in Millennial prenuptial agreements have taken a turn.

Finances

One of the major differences with Millennial couples is that more and more of them are choosing to keep their assets separate instead of pooling them together. Commingling assets is one of the issues that can make distributing a marital estate in a divorce difficult. So many Millennial couples are choosing to keep assets separate by drawing up prenups that address who is responsible for major purchases and other debts the couple may have during their marriage.

Student Loan Debt

The Millennial generation has been hit particularly hard with student loan debt and many couples bring that debt into their marriages. However, a prenuptial agreement can address how past and future student loan debt can be addressed. For example, a couple could have a clause in an agreement that says, should they divorce, any marital assets that were used to pay off a spouse’s student debt are reimbursable to the other spouse.

If you are a small business owner getting married in Illinois, you may be so excited and overwhelmed at the prospect of the upcoming wedding and your new life with your partner that you may be neglecting to remember another major part of your life: Your business ownership.

While it may be difficult to imagine your relationship ever going sour, the statistics on divorce speak for themselves. Many business owners have lost all or part of their business in a divorce, effectively flushing years of hard work and personal investment down the drain. While your relationship may always be happy and successful, a prenuptial agreement that protects your business from marital property division is always a good idea. In the best-case scenario, it will sit at the back of a drawer and never be seen again. In the worst-case scenario, it can make the difference between allowing your business to continue thriving and losing everything you have. Here are three ways a prenuptial agreement can help you protect your small business.

Prenuptial Agreements and Small Businesses

While prenuptial agreements cannot regulate interpersonal matters like intimacy or child custody schedules, they are excellent instruments for managing financial matters. A great prenup can help you protect your business in the event of a divorce in many ways, including:

When it comes to prenuptial agreements, the general opinion often seems to stem from the negative stigma that anyone who pursues such an agreement must not have much faith or trust in their future spouse. Although this may actually be the case for some individuals, in most cases, this stereotype could not be farther from the truth. In fact, prenuptial agreements can help lay the groundwork for long-lasting and fulfilling marital relationships.

Prenuptial Agreements in Today’s World

Prenuptial agreements are extremely popular nowadays, for multiple reasons. Their popularity is not merely a reflection of the state of marriages in today’s society; they also offer practical advantages that benefit both partners equally. Broaching the topic with your future spouse can feel uncomfortable at first, but if you share a mutual interest in pursuing a prenuptial agreement, it can prove to be a valuable, effective tool as you enter your marriage.

Here are some factors to discuss if you are on the fence about signing a prenup: