April 24th, 2015 at 6:04 pm
Whether you are entering your first marriage or your fifth, it is important to protect your assets by signing a prenuptial agreement. A prenuptial agreement is a legal document that details your plans for your assets and support in the event of a death or a divorce. In Illinois, they are governed by the Illinois Uniform Premarital Agreement Act.
Prenuptial agreements are especially important for individuals entering second and subsequent marriages because they are entering into a new agreement after being previously married and divorce. In essence, a marriage is a contract and when signing a new marriage contract, one must consider the terms he or she is bound to by his or her previous divorce contract.
Without a prenuptial agreement, your new spouse may be automatically entitled to your assets. Likewise, you may be entitled to his or hers. Prenuptial agreements are recommended for any individual who is planning to enter a marriage, but especially for business owners and individuals who have significant assets. Although it can seem unromantic to ask your partner to sign a prenuptial agreement, it is a realistic, responsible way to ensure that you retain your assets in a divorce or your children from a prior relationship still receive an inheritance after you pass away. It also allows you to have a full and frank discussion with your fiancée about your priorities and finances prior to entering into the marriage
What May Be Included in a Prenuptial Agreement?
- Designations about who may receive funds from your assets, such as your stocks, bonds, and financial accounts;
- Money and property allocations to your children from a previous marriage or former spouse;
- The beneficiaries of your retirement plan. If your current spouse opts to waive this right, you may instead name a former spouse or your child the beneficiary of your retirement plan after your death;
- The amount of spousal support, if any, a spouse will receive in the event of a divorce;and
- Each spouse’s responsibility to your jointly-accumulated or individually-held debts.
For a prenuptial agreement to be valid, both parties must fully disclose all of their assets and debts. If either party is later found to have withheld information or lied about his or her financial circumstances at the time the prenuptial agreement was signed, the agreement may be invalidated.
Terms that can not be legally enforced may not be included in a prenuptial agreement. These include lifestyle choices like the number of children a couple has, where they live, and how they spend their time. Only tangible issues, such as those regarding a couple’s finances and assets, may be written into a prenuptial agreement.
Divorce Attorneys in the Chicago Area
If you are considering getting married for the second, third, or subsequent time, contact Anderson & Associates, P.C. to discuss the importance of signing a prenuptial agreement. The skilled Chicago divorce attorneys at our firm understand the unique financial considerations that individuals entering second and subsequent marriages face. Do not get married again without a prenuptial agreement. Contact us today to set up your initial legal consultation in one of our firm’s five convenient locations: Schaumburg, Orland Park, Northbrook, Wheaton, and downtown Chicago.