For many couples, a prenuptial agreement is a useful tool to help each partner define and protect their interests in property and assets. Agreements that are written and willingly signed by both partners are generally legally binding and enforceable, including in the event of a divorce. However, they are not necessarily permanently set in stone. There are many reasons why you may wish to modify a prenup at some point during your marriage, and you should know that it is possible to do so.

How Do I Modify a Prenup?

In Illinois, the primary legal requirements for modifying a prenuptial agreement are the same as the requirements for creating a prenup in the first place. Namely, the modifications must be set down in writing, and both you and your spouse must sign the document indicating your agreement. You can also revoke a prenuptial agreement entirely through the same process. The most challenging part of modifying a prenup may be finding terms that you and your spouse both agree to. However, there are situations in which updating your agreement can be beneficial for both of you.

Reasons to Update a Prenuptial Agreement

You and your spouse may want to update your prenup if one of the following applies to you:

If you and your partner are ready to commit to a life together in marriage, it is crucial that you can trust each other to make responsible financial decisions and respect each other’s property and financial goals. Similarly, if you are already married and your financial situation has recently changed, it is important to determine how you and your spouse will adapt to this new reality. A prenuptial or postnuptial agreement can often help to address these issues. When considering whether an agreement of this nature is the right choice, you should be aware of some of the property concerns that it can help you manage.

What Can an Illinois Prenuptial Agreement Do?

Provided that you and your spouse can agree to the terms, a prenup or postnup can help you do all of the following:

• Define non-marital property - One of the most common reasons for creating a prenup is to protect the property that each spouse brings to the marriage. For example, a prenup can clearly define the amount of each spouse’s premarital retirement contributions, or ensure that a business or home remains the separate property of one spouse. A postnup can accomplish a similar purpose during the marriage, perhaps if a spouse wants to protect a newly acquired inheritance.

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Prenuptial agreements used to be a taboo subject. In the past, it was often believed that if you got a prenup, you were expecting to get divorced. However, in this day and age, many Americans are waiting longer to get married, which means that they are entering marriage with more property and debt than those in past generations. Because of this, prenuptial agreements have become more and more common. 

A prenuptial agreement can help set guidelines for how you will go about your divorce if your marriage ever ends, and it can protect the assets you bring into the marriage and prevent you from being responsible for debts your partner may have. If you are wondering whether or not a prenuptial agreement is right for you, here are a few situations in which you may want to consider a prenup:

1. You or Your Partner Were Married Before

One reason why prenuptial agreements are becoming more common is because many people are entering second or subsequent marriages. If you or your spouse have been married before, a prenuptial agreement can address any obligations you may have from your first marriage.

Talking about divorce even before getting married is never something that couples want to do -- but sometimes it is a good idea. Prenuptial agreements are gaining more and more popularity with younger couples, especially because the average age of marriage is higher than it has ever been before. This means that couples are more likely to bring their own significant assets into a marriage, such as real estate property or retirement accounts. Prenuptial agreements (commonly known as “prenups”) can be tricky to create, especially since they can be declared invalid if they are not constructed carefully and correctly. Here are three mistakes you should avoid making when drafting a prenuptial agreement:

1. Not Being Truthful About Your Assets

When entering into a prenup, both spouses are required to fully disclose their assets to each other, including all property and debts. If one spouse tries to hide or undervalue certain assets, the entire prenuptial agreement could be dismissed by a court.

2. You Did Not Obtain Independent Counsel

Though it is not technically required by Illinois law to have an attorney when you enter into a prenuptial agreement, it is a good idea. When you and your spouse each have your own independent legal counsel, this tells the court that you both knew what you were signing and understood what the terms of the agreement meant. An argument could be made that one spouse did not fully understand the contract if he or she did not have an attorney, and this could be a reason for the agreement being found to be invalid.