What Types of Terms Can a Prenuptial Agreement Include?

 Posted on February 11, 2022 in Prenuptial Agreement

There are many reasons why a couple may want to create a prenuptial agreement before they get married. If either party owns significant assets, or if one party earns a higher income, they may want to take steps to protect themselves financially in the case of a divorce. A prenup may also be used to ensure that children from a previous relationship will have the financial resources they need. This type of agreement can help a couple avoid uncertainty in the future, and by making decisions about how matters will be handled if they choose to get a divorce, they may be able to minimize potential conflict. For those who are considering a prenup, it is important to understand what types of decisions an agreement can and cannot include.

Issues That Can Be Addressed in a Prenup

A prenuptial agreement will generally be limited to addressing issues related to a couple’s property and finances. The terms of a prenup may include:

• Each party’s rights and obligations regarding the property they own together or separately. This may include details about a person’s rights to buy, sell, use, manage, control, or dispose of different types of assets, such as financial accounts, real estate property, vehicles, or other valuable items.
• Whether different assets are considered marital or separate property. Separate property generally includes any assets owned by either party before getting married, and a spouse will be able to retain ownership of these assets if their marriage ends in divorce. Marital property must be divided between spouses in the case of divorce.
• Decisions about how property will be divided in a divorce. A couple may agree on how property division will be handled, removing uncertainty about ownership of different types of assets and avoiding conflict about these issues.
• Modification or elimination of spousal support. During a divorce, one spouse may ask for financial support from the other spouse. To avoid conflict about this issue, spouses may use a prenup to decide the circumstances when spousal maintenance will or will not be paid or to specify the amount and duration of spousal support payments.

A prenuptial agreement may also address any other issues that a couple believes are relevant, as long as these terms do not violate the law or go against public policy. However, a prenup generally cannot make decisions about the custody of a couple’s children, since these issues will be decided based on what is in the best interests of the children rather than the wishes of the parents. A prenup also cannot include any terms that would affect a child’s right to receive child support that will provide for their ongoing needs.

Contact Our DuPage County Prenuptial Agreement Lawyers

If you have questions about what terms you can or cannot include in a prenuptial agreement, or if you need to ensure that your prenup will be valid and enforceable, Stock, Carlson & Asso. LLC can help you determine your legal options. We will help you negotiate an agreement that will protect your interests and meet your needs. Contact our Wheaton prenup attorneys at 630-665-2500 to discuss these issues in a confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59