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.
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