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Schaumburg prenuptial agreement attorneyHollywood is accustomed to ugly divorces. In 2018, Jersey Shore actor Jenni “JWoww” Farley filed for divorce from her husband, Roger Matthews, and now Matthews is contesting the validity of the couple’s prenuptial agreement. While the concerns of reality TV stars do not apply to most of us, any couple can have a prenuptial agreement. If you are going through a divorce, and you have a prenup, you will want to be sure to understand how Illinois law will apply to your case, including whether your prenuptial agreement can be contested.

Prenuptial Agreement Laws in Illinois

The Illinois Uniform Premarital Agreement Act governs all prenuptial agreements filed in the state of Illinois. This law states that to be enforceable, both parties must agree to the prenup and sign it. The agreement will go into effect on the couple’s wedding day.

The Illinois statute includes some provisions on what is unlawful to include in a prenuptial agreement. These include any terms that violate public policy or criminal statutes. Spouses are also not allowed to waive the right to receive child support or agree that a parent will not be required to pay his or her child support obligations.

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Arlington Heights prenup lawyerMarriage naturally intertwines a couple’s social and financial lives, and these matters must be untangled in the event of divorce. This is no easy task, especially in light of equitable property division, a legal model that ensures both spouses receive a fair share of marital property following divorce. Under this standard, spouses can expect to divide marital assets in roughly equal measures, regardless of which spouse provided the resources to acquire the property in the first place.

While the contributions of both spouses need to be recognized in a divorce, a spouse who has substantial assets coming into a marriage or the potential to become a high-earner may have reasonable concerns about protecting his or her interests if the marriage does not work out. In these cases, a couple may choose to use a prenuptial agreement to address the resolution of financial issues in the event of divorce or another designated event, such as the death of a spouse.

Planning for the possible end of a marriage before it has even begun may appear pessimistic, but a prenuptial agreement serves an important purpose, and it can make the divorce process faster and simpler by sorting out complicated issues in advance. Importantly, this need is not limited to couples in a particular stage of life at the time of their marriage, as both younger and older couples can benefit from prenuptial contracts.

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Posted on in Divorce

premarital agreements,  division of assets, divorce process, Illinois prenuptial agreement, prenuptial agreementOutside of the emotional benefits that most people connect with marriage, being married also offers financial advantages for central issues, such as health insurance and tax liability. However, these advantages can turn into detriments if a marriage ends in divorce. Without a prenuptial agreement, parties are expected to divide their assets in roughly equal proportions.

While predicting financial success at the outset of marriage is nearly impossible, couples expecting productive careers and those with substantial assets at the beginning of the marriage often consider premarital agreements to iron out the division of assets and maintenance (spousal support) in case divorce does occur.

The underlying assumption is that both parties enter into these agreements freely and with sufficient information to make an informed decision about the fairness of the arrangement. The reality, of course, is not always so simple, and circumstances may motivate a spouse to challenge the validity of such an agreement when divorce enters the picture.

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Illinois prenuptial agreement, Palatine family law attorney, premarital agreement, prenuptial agreement, second marriages, non-marital assetsThe fact that roughly 50 percent of all first-time marriages end in divorce is common knowledge. However, you may be surprised to learn that 67 percent of second marriages (and 73 percent of third) do not make it “’til death do us part” either. There are no firm reasons why, but one aspect is clear — if you are contemplating taking a second trip down the aisle, you should have an Illinois prenuptial agreement.

Illinois Premarital Agreements

premarital agreement, more commonly known as a prenuptial agreement (or pre-nup for short), is a voluntary agreement entered in to by both parties prior to marriage that becomes valid once the couple is married.

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