What Can Be Included in a Prenuptial Agreement?

 Posted on June 30, 2017 in Family Law

Prenuptial agreements were once thought of as one of the most unromantic documents in existence, perhaps only surpassed by divorce papers. Thankfully, this valuable pre-marital document is finally receiving the appreciation it deserves. Millennials, the tech and creative industries, and the increasing number of remarrying and high-net-worth couples have all played a part in its revival. However, now, with so many seeking it out, it becomes crucial that couples take the time to understand what a prenuptial agreement can cover, and what it cannot.

Prenuptial Agreement Basics

The first thing that couples should know about prenuptial agreements is that each party must enter into the agreement voluntarily, without coercion or duress. Each party must also sign the document. Couples typically have control over most of the other aspects of their agreement, but there are some important exceptions. For example, parties cannot waive the option of spousal support if doing so would cause undue hardship for one of the individuals. It should also be noted that a judge can override such a waiver, if one party would be at risk for undue hardship for reasons that could not have been foreseen at the time the document was signed.

Other Considerations in a Prenuptial Agreement

Couples typically decide how assets will be divided if a divorce occurs. They can also outline an agreement regarding the allocation of parental responsibilities and parenting time, if there are minor children at the time of marriage. However, it is important to note that a judge can override such agreements if the prenuptial agreement fails to meet the best interests of a child.

When signing a prenuptial agreement, couples are also required to provide full and fair disclosure of any assets they own. Attempts to hide assets, either at the time of signing the agreement, or when going through a divorce, can result in the agreement becoming void. Another aspect to consider is that neither party can enter into an agreement which includes illegal acts.

Contact Our Hillside, IL Prenuptial Agreement Attorney

Prenuptial agreements can help you protect your financial future, your children, assets, business, creative content, and more. With over 30 years of experience, the Law Office of Vincent C. Machroli, P.C. offers personalized service to meet your legal needs. Call 708-449-7400 and schedule a no-charge consultation with our Hillside, IL prenuptial agreement lawyer to learn more.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000