If you’re in the process of getting married and your future spouse has substantial assets to protect, you may be considering a prenuptial agreement. But what are these agreements? What makes them so helpful, and how can they protect your marriage?
Here’s everything you need to know about prenups in Illinois before signing one or if your partner brings up the idea with you.
A prenuptial agreement is a contract entered into by an unmarried couple before marriage. These agreements are utilized when one of the parties has assets they want to protect or is concerned about property division in the event of a divorce.
In Illinois, prenuptial agreements are legal and enforceable if entered voluntarily and with full disclosure of financial information by both parties.
A prenuptial agreement should outline what will happen with assets if the marriage doesn’t last. For example, the terms could include who gets custody of children and who has control over family finances.
It also should specify who’s responsible for debt incurred during the marriage, the division of assets, and whether you will provide spousal support.
There are many considerations for each side before signing the prenuptial agreement.
Many other questions might arise before signing the prenuptial agreement.
When drafting the prenuptial agreement, there are three primary things to remember:
In Illinois, the cost of a prenuptial agreement can depend on how much it covers and whether attorneys represent both parties.
A traditional prenup can range from $2,500 to $10,000, with an average of around $3,000. The average cost for an attorney-represented couple ranges from $250 to $350 per hour.
Some spouses may choose not to have one prepared because they think it will be too expensive or don’t want their spouse’s lawyer looking over their shoulder. However, the cost of having a prenup could be less than divorce proceedings.
A prenuptial agreement ensures both parties are on the same page before marriage. At the Libertyville law firm of Johnston Tomei Lenczycki & Goldberg, LLC, we understand that every case is different, and each couple may have different needs regarding their specific situation.
If you have any questions regarding what you would like your prenup agreement to include, please don’t hesitate to call us! We are ready to offer any assistance.
Phone Number: (847) 549-0600
Fax Number: (847) 589-2263
350 N. Milwaukee Ave., Ste. 202
Libertyville, IL 60048
223 N. IL. Rt. 21, Ste. 14
Gurnee, Illinois 60031
2100 Manchester Road, Suite 920
Wheaton, IL 60187