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Posted on in Premarital Agreement

IL divorce lawyerPrenuptial 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.

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Illinois divorce lawyerPrenuptial 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.

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