For many, the premarital or prenuptial agreement evokes the image of a late in life marriage involving a wealthy party, used as a dramatic plot device in movies or television. However, premarital/prenuptial agreements are becoming more and more common for a variety of reasons. The primary reason to enter into a premarital agreement is to avoid a costly divorce down the road. While no one enters into marriage expecting to ever divorce, it makes sense to contemplate that worst case scenario and define, ahead of time, some of terms. Certain property can be defined in order to avoid any argument as to its status as marital or non-marital in case of divorce. Section 503 of the Illinois Marriage and Dissolution of Marriage Act is the statute governing the division of property. The statute has many intricacies and is frequently litigated due to issues such as commingling marital and non-marital property.
Provided the parties enter into an agreement voluntarily and with a complete, and accurate disclosure, the agreement will generally be enforced. Property divisions and the terms of maintenance both in amount and duration can be agreed upon in advance. A premarital agreement is an excellent option to determine financial issues. A premarital agreement is not suited to dealing with issues dealing with children. Agreements regarding child support and custody will not be enforced.
In order to begin your marriage with the parties fully informed as to the intended disposition of financial issues, schedule an appointment to come into our office.