Prenuptial And Postnuptial Agreement In Illinois

Prenuptial and postnuptial agreements are legal contracts designed to protect an individual's asset rights within a marital relationship. Governed by Illinois law, these agreements ensure fairness, neutrality, and accountability for both partners. At Michael’s Mediation Legal Services, we help individuals and couples navigate the complexities of prenuptial and postnuptial agreements with confidence and thoroughness. 

In this section, you will find all the essential information related to the prenuptial agreement in Illinois, along with guidance on the postnuptial agreement.  At Michael’s Mediation we help you to formulate the terms of these agreements through collaborative mediation.

A Prenuptial Agreement in Illinois is a legal contract between a couple signed before coming into a marriage. The objective of this agreement is to ensure a fair distribution and control of assets in a relationship after any possible future divorce. It provides certainty in the event the marriage does not last, and helps to avoid a contentious divorce process, because many of the financial terms have already been discussed and agreed to. 

A postnuptial agreement in Illinois is also a legal contract that is entered into by couples during their marriage or after the marriage has taken place. This agreement serves nearly the same purpose as a prenuptial agreement, aiming to ensure a fair and healthy financial balance between both spouses in the event of a divorce.

Prenuptial and postnuptial agreements are powerful methods to protect one's own specific assets in the future, if the marriage results in divorce. 

There are various general and personal reasons that one can sign a prenuptial or postnuptial agreement with their partner.  

• Business ownership 

A person owning businesses often considers a pre- or postnuptial contract with their partners to secure the future of their company and investments. It is to make sure that a marriage or separation doesn't impact the businesses, resulting in an individual's loss, and even their employee’s displacement. 

• Second marriage

These agreements provide protection to a person's assets, such as spousal support (“alimony”) or property received from the previous marriage. In this way, one can secure rights over their individual accumulation and assets that they entered the marriage with. 

• Inherited assets 

A person who has inherited property or assets from their ancestors can opt for these agreements to draw clarity with their partner. This will allow them to keep the differences between the inherited and marital properties.  Note that inherited assets in the sole name of one spouse, if not intermingled in the marriage, is generally considered non-marital assets not subject to division, however, if sizable, including them in a pre or postnuptial agreement can provide added clarity.

• Children's rights 

Anyone having a child from their previous marriage can protect their child's inheritance through these agreements. This will help them to secure their child's future by making sure that the new marital relationship status doesn’t cause problems for the child. 

• Debt load

Anyone can draw a line with their partners through these agreements that one's debt is their own responsibility and doesn't become a liability of the other. 

To ensure your prenuptial or postnuptial agreement is valid and enforceable in Illinois, keep these important elements in mind:

• Written Format: The agreement must be in writing. Oral agreements are not legally valid.
   
• Signatures: Both spouses must sign the agreement willingly, without pressure or coercion.
   
• Full Disclosure: Each partner must be transparent and honest about their assets, debts, income, and financial obligations.
   
• Independent Legal Review: It’s recommended that both parties have separate attorneys review the agreement before finalizing it.
   
• Fairness and Equity: The terms must be fair and not heavily one-sided, in accordance with Illinois law.

The pre- and postnuptial contracts can include any basic and common conditions that you may be concerned about.  

1. Alimony: The most important and required condition one can include in their agreement is alimony. In this way, you can make your terms clear with the other partner and avoid any conflicts in the future. 
2. Liabilities: This is a great way to avoid assuming debt from the other spouse. One can safeguard oneself from the liabilities that one isn't responsible for by addressing this point in the agreement.  
3. Individual assets: You can include how the assets and properties will be divided after the separation. In this, you can mention protecting your individual and personal assets, whether it is any investment, business ownership, inherited properties, personal property or savings. 

Getting the help of professionals makes it easier to handle and achieve desirable needs. Since the focus of these agreements is relative to the financial aspects of a divorce, it is important to know that we have a CPA and that brings an understanding of your assets, liabilities, employment benefits, brokerage accounts and retirement accounts.  Our expertise in the financial areas helps us to guide discussions so you both can make educated decisions about your agreement. 

• Experience and expertise

Michael is highly experienced and knowledgeable. He helps with every kind of prenuptial agreement in Illinois, as well as postnuptial.  

• Affordable and reasonable fees

Michael can help you with these agreements within budget. You can discuss your objectives and become informed of various ways to accomplish what you are looking to do.  Our main passion is to serve you with knowledgeable guidance that is efficient and informed, allowing you to minimize the cost of creating these agreements. 

• Transparency and confidentiality

We highly believe in protecting clients' trust and identity. All personal and financial information is kept confidential. 

• Legal Review

We can recommend a number of lawyers to each spouse who are excellent at what they do, and cost-effective, to provide you both with comfort that your agreement will be effective.

If you want to provide certainty in the event of divorce, a pre or postnuptial agreement is an effective way to do so.  At Michael’s Mediation, we strive to help you both align on an informed agreement that you both believe is fair. We make it easy to handle everything related to your pre or postnuptial agreement in Illinois from understanding each other’s assets, liabilities and property to aligning on a fair division, and an agreement about alimony, in the event of divorce.  Call us today at Michael’s Mediation for a free consultation an opportunity to ask any questions that you have.