The Illinois Uniform Premarital Agreement Act (UPAA) 750 ILCS 10/1 sets forth the rules governing premarital agreements (also known as prenuptial agreements & pre-nups) executed pursuant to Illinois law since January, 1990. A premarital agreement is a contract entered into by a couple prior to being married, which when drafted and executed properly can alter property and other rights in the event of death or divorce. Validly executed premarital agreements can also eliminate a spouse’s right to Maintenance, with certain exceptions.
With today’s high divorce rates, premarital agreements are no longer just for celebrities or the ultra-wealthy. If you fall into any one of the following categories, you should seriously consider a premarital agreement:
If you do not provide for these issues in a premarital agreement, you risk leaving the resolution of these matters to the court and the governing law.
The UPAA sets forth the requirements for a validly executed premarital agreement, which require that the agreement be voluntary, in writing, fair, that there is full disclosure, and the agreement is signed by both parties.
If you are considering a premarital agreement, you will want to be confident that it will be enforceable. To increase the probability of enforcement, both parties should be represented by separate counsel, you should each be given ample time to review and negotiate the agreement, and the agreement should fully disclose the assets and debts of each spouse.
The UPAA allows couples to make agreements concerning the distribution of property in the event of divorce or death, and the payment of spousal maintenance (subject to certain limitations). The UPAA does not permit couples to make binding agreements as to Child Support. With respect to spousal maintenance there are limits to the enforceability of premarital agreements where the enforcement of the agreement would cause one spouse undue hardship which was not reasonably foreseeable when the premarital agreement was executed.
We can schedule a meeting at your convenience so that we can learn about your particular situation, and advise you as to the options and alternatives that may be available so that your interests can be protected in the event of death or divorce.
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