Is a Prenup a Good Idea for Me?

 Posted on October 09, 2023 in Prenuptial Agreement

Getting married is a big decision you do not want to take lightly. One thing to think about is all of the financial implications of getting married before you say "I do." A good way to protect your finances and assets is with a prenuptial agreement (prenup), also known in Illinois as a premarital agreement.

Whether or not a prenup is a good idea will depend on your individual circumstances. Having an in-depth discussion with an attorney is a great idea if you are currently leaning toward the side of uncertainty.

What Can I Include in a Prenup?

Premarital agreements can cover various topics under Illinois statute 750 ILCS 10/4:

• The rights to how your premarital property will be divided

• How your assets will be divided after divorce, separation, or death

• How either spouse can control their own assets

• The ability to modify or remove spousal support payments

• A requirement that one or both spouses create a will or trust in regards to their property

• Who will receive the death benefit from life insurance in the event one spouse dies

• Which state’s law will be used to interpret the prenup if there is a dispute

• Any other matter, including finances, decision-making of children, or problem-resolution

Your premarital agreement cannot determine the amount of child support or parental responsibilities following a divorce.

Why Would I Want a Prenup?

There are many reasons why a premarital agreement is a wise investment. The most obvious one is that you do not want your current assets to be split down the middle following a divorce. Granted, in Illinois, 50/50 is not on the table. Instead, the court attempts to divide all assets equitably between spouses. However, so long as your premarital agreement is seen as equitable, a judge will generally respect it.

How is a Prenup Enforced?

As previously stated, as long as a premarital agreement is shown to be equitable, a judge will likely side with it. Yet, there is an exception to this rule. A judge can deem the prenup unconscionable if it was signed under duress or if it is very obviously unfair to one spouse.

Can I Draft My Own Prenup?

An attorney is not a necessity when you want to draft a premarital agreement. However, having your own attorney can help with making the draft enforceable in court. A skilled and experienced attorney can advocate for your needs throughout the entire process.

Contact a Wheaton, IL Prenup Attorney

An attorney at the firm of Fawell & Fawell can guide you through the legal process of drafting a premarital agreement. Our office can provide you with a knowledgeable and understanding DuPage County, IL prenup attorney by calling 630-871-2400. Contact our office today to set up a free consultation.