Preparing a prenup: what every Illinois couple should know
Whether you are in your 20s and getting married for the first time or a little older and getting married for the second or third time, you may very well be considering your options for a prenuptial agreement.
Regardless of your age and marital experiences, prenuptial agreements can be an attractive — or necessary — option. As such, you should understand some important facts about these legal documents so that you can make wise, informed decisions.
They are not all enforceable
Prenuptial agreements are legal documents and they must be valid to be enforceable. In accordance with Illinois laws, this means they must:
- Be in writing
- Be signed by both parties, voluntarily
- Not violate public policy or contain criminal elements
They should also not include prohibited clauses, including those that incentivize divorce or clauses that adversely affect the rights of a child.
You don’t need to be affluent to have one
People often assume prenups are reserved for very rich or high-profile couples, but that is not the case. A prenup can protect individual assets, whatever they may be, as well as individual debts.
There is a clock ticking
Most people realize that parties must sign a prenup before the wedding for it to be valid. However, signing it the day or even week before the wedding is not enough time, which could leave the agreement subject to contest. To ensure a prenup is valid, couples should draw it up well before the wedding to give both parties ample time and opportunity to review and negotiate the terms.
It is true that not every couple needs a prenuptial agreement. However, those who can benefit from this planning tool should understand what they can do to protect themselves and their financial future, should a marriage end in divorce. With careful planning and legal representation from a family law attorney in Belleville IL, parties can secure a fair, valid prenup before turning back to the focus of building a life together.
Daniel C. Katzman is a Partner at Katzman & Sugden, LLC and is licensed to practice law in Illinois and Missouri. Daniel was born and raised in Belleville, Illinois where his dad, Steven E. Katzman has had his law office for over 40 years. Daniel joined the law firm of Katzman & Sugden, LLC after receiving his J.D. from St. Louis University School of Law in 2011, where he earned certificates in Health Law and Employment Law. Prior to that, he received his undergraduate degree in Health: Science, Society & Policy from Brandeis University in Waltham, Massachusetts. Combining his background in health policy and law, Daniel focuses his practice on assisting clients who have been injured through no fault of their own. He is admitted to practice law in Illinois, Missouri, the United States District Court for the Southern District of Illinois, and the United States District Court for the Eastern District of Missouri.