PreMarital agreements (PreNups) are governed by an Illinois statute. They should especially be considered when a party has children by a former marriage. PreNups need care in the drafting, as well as full disclosure of assets and liabilities.
They are what they are – primarily financial guidelines for a marriage. Then, if a marriage dissolves, a good deal of money should be saved on attorney’s fees.
A PreNup will inventory the premarital property held by each party and the value of each asset. Attention will be paid to the liabilities of each party. Provision can be made concerning whether income from premarital property will be considered non-marital or the property of the parties.
There needs to be special concern for maintenance both as to its amount and to its duration.
Parties should consider the source of attorney’s fees if a dissolution is filed.
A PreNup becomes effective when the parties to it are married.
If you have questions concerning PreNups, give me a call. We do not charge for answering questions.