What Can and Cannot be Included in a Prenuptial Agreement?

Bringing up the topic of a prenuptial agreement with your future spouse can be stressful due to misconceptions people often have. One myth is that it means you have doubts about your partner or your commitment to the relationship. Another regards the types of provisions a prenuptial agreement typically includes. Our Illinois family law attorney explains how it can help strengthen your marriage and clarifies what can and can’t be included. 

What is Included in a Prenuptial Agreement?

Prenuptial agreements and the provisions they contain are dictated by state law. Under the Illinois Uniform Premarital Agreement Act (750 ILCS 10/), a prenup is a legally binding contract made between prospective spouses which goes into effect once they are married. It specifies their rights regarding property and assets and includes the following:

• An inventory of all premarital assets each individual owns;
• Full disclose regarding all individual debts;
• Provisions regarding the rights of each party in buying, selling, managing, and transferring property and assets during the marriage;
• Estate planning provisions, dictating the rights of each party if the other passes or becomes incapacitated;
• Provisions regarding rights to individual property and how marital property will be divided in the event of a divorce. 

In creating a prenuptial agreement, couples learn to talk openly and honestly about financial matters. It clarifies their expectations regarding money and financial matters, and addresses the type of lifestyle they expect to live during the marriage. As money matters are a frequent topic of fights between couples and a leading cause of divorce, going through the process can actually help strengthen your marriage.  

What a Prenuptial Agreement Cannot Do

According to a recent Business Insider report, younger couples are increasing in favor of creating prenuptial agreements. They appreciate the benefits it provides, particularly full disclosure of current financial status. This is especially important as once you marry, your spouse’s debts become your own.  

If you bring the idea of a prenup up with your future spouse and they balk, it is likely due to misconceptions regarding how it could impact their rights. It is important to point out what a prenuptial agreement cannot do: 

• It cannot limit your rights regarding children from the marriage;
• It cannot restrict you from seeking child support in the event of a divorce;
• It can not unfairly benefit one party over the other;
• It cannot be enforced if either party withheld information or failed to fully disclose assets or debts.

Discuss Your Options With Our Illinois Prenuptial Agreement Attorney

At The Women’s Divorce and Family Law Group, we can help answer your questions and address specific concerns regarding prenuptial agreements. To discuss your options, call or contact our office online and request a consultation with our Chicago prenuptial agreement attorney.