Question By: A prenuptial agreement is a document signed by two potential spouses before they marry. A prenup usually predetermines outcomes and processes for how the pair will handle money, debts, and real estate during the union and if they decide to divorce and/or upon one’s death. The agreement kicks in when the two are married. In Illinois, a prenuptial agreement may cover the following topics:
- Whether one of you will pay alimony if there is a divorce, how much and how long
- Each party’s property ownership after a divorce
- Each partner’s right to sell, manage and transfer property
- The payment of attorney fees and litigation expenses for a divorce
- The right of a surviving spouse to live in a deceased spouse’s home after death
- Each party’s rights to property upon death of the other
- Each partner’s ownership and beneficial rights in a life insurance policy
- Protecting the rights of children from a prior marriage or relationship
Prenuptial agreements are becoming increasingly popular among individuals who are marrying for the second time, or who have significant assets or liabilities. This is because a prenup can help to protect assets and financial interests, and prevent a messy divorce battle in the future. Prenuptial agreements are legally binding, which means that the terms outlined in the agreement will be enforceable in court if necessary. However, prenups are not always easy to enforce, and a court may choose to set aside the agreement if it is deemed to be unfair, unenforceable, or against public policy.
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