Four Things You Should Know Before Signing a Prenuptial Agreement

 Posted on July 25, 2019 in Family Law

In the past, prenuptial agreements have been a controversial topic. It was thought that you were planning for a divorce or that you were not serious about your marriage if you got a prenuptial agreement. In recent years, prenuptial agreements have become more popular for several reasons. One such reason is that younger generations are waiting until later in life to get married. This typically means they have more assets when they are going into their marriages.

Prenuptial agreements can be extremely beneficial if you do end up getting divorced because they can outline how property will be divided or how debts will be allocated. Before getting a prenuptial agreement, there are a few things you should know:

1. Your Agreement Must Be in a Specific Format: In order for a prenuptial agreement to be enforceable, it must be in the correct format. This means your prenuptial agreement must be a legal document in writing; oral agreements do not count as prenuptial agreements. Your agreement must also be written in clear language and signed by both you and your spouse.
2. You Have to Be Completely Truthful: When you are creating a prenuptial agreement, you are required to be fully transparent about your finances, including revealing your assets and debts. A prenuptial agreement is invalid if one of the parties withholds important information. You may need to make note of things such as a possible future inheritance. 
3. There are Certain Things You Cannot Put in the Agreement: Contrary to what you may have heard, you are not allowed to put whatever you want into a prenuptial agreement. There are certain stipulations you must follow when you are drafting your agreement. For example, you can put clauses in your agreement pertaining to spousal maintenance, but you are not permitted to include any requirements about child support or other legal child-centered issues.
4. Signing the Agreement Too Close to the Wedding Can Cause Problems: If you are thinking that a prenuptial agreement may be right for you, it is good to sign the agreement sooner rather than later. If you sign the agreement only a few days before the wedding, it could be argued that neither party had sufficient enough time to fully understand the terms of the document before you agreed to them. It is recommended that you sign the agreement no later than one month before the wedding. If it is too late, you can create a postnuptial agreement instead. 

A Will County Prenuptial Agreement Attorney Can Answer Your Questions

Though it may seem completely unromantic, it would be naive to go into a marriage thinking there is an absolute zero percent possibility of getting a divorce in the future. Planning by getting a prenuptial agreement can save you a major headache if you do end up getting divorced. At The Foray Firm, we have more than 10 years of experience helping couples draft prenuptial agreements that they are happy with. Our knowledgeable Markham, IL, prenuptial agreement lawyers can ensure that your prenuptial agreement contains everything that you want it to contain and that it will hold up in court, should it be contested. Get in touch with our office today by calling us at 312-702-1293 to schedule a consultation.

Sources:

https://www.forbes.com/sites/christinefletcher/2018/09/18/10-things-you-need-to-know-about-prenups/#d17bbc762ba1

https://www.cnbc.com/2018/03/09/the-american-greed-report-heres-how-to-bulletproof-your-prenuptial-agreement.html

https://www.investopedia.com/terms/p/prenuptialagreement.asp

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59