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What Is and Is Not Included in an Illinois Prenuptial Agreement?

Posted on in Family Law

Tinley Park prenuptial agreement lawyer

Prenuptial agreements have become much more common in recent years. In the past, prenups were exclusive to wealthy couples to protect their finances in the case of a future divorce. There are various explanations given for why prenups have become so popular. Some say it is because couples are getting married later and thus have acquired more wealth before marriage, while others attribute the influx to the rise of female equality in America. Regardless of the reason, many couples view prenups as a necessity, and it is important to understand what should be included in this kind of legal documentation.

What Can Be Included in My Prenup?

  • Properties: There are two types of property that exist in a marriage, separate and marital. Property that is considered separate includes everything acquired before the legal marriage. Marital property is that which is gained during the marriage. Prenups can allow you to deem some property separate and some marital before saying “I do.”

  • Debt Liability: After getting married, all debts are considered mutual without a prenuptial agreement stating otherwise. Setting rules about debt liability is a good idea to ensure that you are not responsible for the debts made by your spouse.

  • Alimony Payments: Having a financial plan is one of the biggest advantages of a prenup. It can be beneficial to decide whether a spouse will be eligible to receive spousal maintenance and the amount and duration of these payments in the event of a divorce.

What Cannot Be Included in My Prenup?

  • Allocation of Parental Responsibility: Many people incorrectly believe that allocation of parental responsibility (formerly called child custody) decisions can be made while creating a prenuptial agreement. However, judges are required to look at what is in the best interests of the child at the time of a divorce or separation, and these decisions cannot be planned out by parents ahead of time.

  • Child Support: Similar to parental responsibility, child support cannot be determined in advance. Parents' personal and financial situations are likely to change over the course of their marriage, and it is impossible to predict how parental responsibility and parenting time will be divided or the amount of each parent's child support obligations.

Contact an Orland Park Prenuptial Agreement Lawyer

Marriage can be unpredictable, and this can cause anxiety and concerns for the future. Prenuptial agreements are a way to take some control over your unknown future with your spouse. At Anderson & Associates, P.C., we are well versed in helping clients formulate prenuptial agreements. If you are getting married and would like to better plan for your future, contact our Tinley Park family law attorneys at 708-226-9904 for a free consultation.

Sources:

https://www.mortgagecalculator.org/helpful-advice/prenuptial-agreements.php

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

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