Prenuptial agreements are no longer reserved solely for the rich and famous, though it may appear that way through media coverage. A prenuptial agreement, commonly referred to as a prenup, is a legal document that determines how assets, debts, finances, and property will be managed during a marriage or after a marriage if it comes to an end. In the past, prenups have been seen as taboo or damaging to a relationship; however, millennials often request prenuptial agreements, causing an increase in this form of legal documentation.

What Exactly Is a Prenup?

Prenuptial agreements are most commonly known for financial division; however, they cover more than just “who gets the money.” Although prenups are important in regards to officiating financial matters, they can also assist couples in managing prior commitments or obligations like children and ex-spouses. The document can help those with substantial assets or debts avoid conflict later in the marriage. Prenups are important because they take precedence over state laws regarding divorce and marital property, putting control into the hands of the couple requesting the legal documentation.

Prenuptial agreements, also called premarital agreement, are becoming more and more common in this day and age. However, many remain unaware that they are not cure-alls; there are certain things that are not permitted to be disposed of or decided within an agreement of this nature. If you are getting married in Illinois and you and your future spouse decide to execute a prenuptial agreement, you must be aware of what can and cannot be included, or you run the risk of the agreement being held to be invalid.

The ILUPAA

Illinois has adopted the Uniform Premarital Agreement Act (UPAA or ILUPAA), which establishes specific guidelines and requirements for prenups that must be upheld. A prenup is essentially a contract, and like any other contract, certain things may not be included, and certain things can only be included if done so properly. The contract does not become effective until the marriage actually takes place, but once it is effective, it will be upheld unless it was unconscionable.

As should be expected, most couples who decide to marry believe that their marriage will last until "death do them part." Unfortunately, as we all know, this is not the case for many couples, as nearly half of all marriages in the United States end in divorce. While preparing for a divorce may seem counter-intuitive prior to even getting married, in many situations it is wise for couples to come to an agreement regarding their rights and obligations should the marriage end in divorce. A premarital agreement, also known as a prenuptial agreement or "prenup," is especially important if one or both parties are entering the marriage with substantial assets or property.

To be enforced at a later date, premarital agreements must follow certain formalities and guidelines set out by Illinois law. For example, the agreement must be in writing and must be signed by both parties without any coercion on the part of either party. To avoid any future conflicts, you should always consult with an experienced Illinois family law attorney if you think you may want to draft a premarital agreement.

What Can Go into a Prenup?

Remarrying always brings some legal issues to the table, and this is no different if you are a little bit older. In fact, remarrying at an older age has some legal aspects that you might not need to think of if you were still in your thirties. Illinois Bar Journal did an article about divorce and remarrying after 45, and the increased need for a prenuptial agreement was also covered in the article.

Many couples who remarry at an older age discover that their new marriage has financial consequences both for them and their children from prior marriages. Ensuring that your surviving spouse and your children will be taken care of if something were to happen to you is one of the big issues when you remarry after your 40s. With the help of a skilled divorce attorney, you can make sure these matters will not be a problem.

In Illinois, a surviving spouse is entitled to a hundred percent of the deceased spouse's assets if there are no descendants or a will. If the deceased had children, the spouse will get half of the probate estate, and the other half will go to the descendants. If there is no contract to the contrary, in a divorce, the spouse may have the right to an equitable share of the property and/or maintenance (former alimony). The way to guarantee that there will be no unpleasant surprises for your children is to draft a premarital agreement when remarrying.