Mistakes to Avoid When Drafting a Prenup in Illinois
Prenuptial agreements, also called premarital agreements, or prenups, are relatively well-known. While some people may have an emotional aversion to contractually defining the financial part of a relationship, the reality is that getting a prenup is a responsible thing that you can do with your fiancé at a time when you are both feeling generous and considerate of each other’s needs.
However, without legal guidance from a Hillside, IL prenuptial agreement attorney, you risk making common mistakes that can make you regret your choices later – or worse, render your prenup invalid later. Consider some common mishaps you want to avoid when drafting your prenup, and then speak to an experienced prenup attorney who will walk you comfortably through the process of creating your own.
Common Mistakes That People Make When Creating a Prenup
Some common mistakes that may not invalidate a premarital contract, but could leave you with regrets, include:
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Failing to enter into the agreement with a comprehensive understanding of your financial situation;
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Waiving your potential right to spousal support; and,
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Forgetting to update your estate plan.
Creating a will or trust when you draft a prenup is an extra step you can take to ensure your prenup is honored even if either of you passes away during the marriage.
Mistakes That Can Invalidate a Prenuptial Agreement
According to the Illinois Uniform Premarital Agreement Act, a prenup must be in writing and signed by both you and your partner for it to be enforceable. Simply verbalizing your agreement is not enough.
Additionally, the signatures must have been willfully provided. If either party signed under duress, or was coerced into signing, the court may invalidate the prenup. The same is true if someone signs while incapacitated, such as under the influence of drugs or alcohol, or while having mental health issues.
Another common mistake that can invalidate your premarital agreement is entering into it with incomplete or falsified information. For example, if either party lies about their financial status, conceals assets, or is generally untruthful about elements of the agreement, it may not be enforceable.
Unconscionable Premarital Agreements in Illinois
Illinois law states that legally constructed prenups are binding, unless the court finds them to be unconscionable, meaning that they are so unreasonable that the court deems it necessary to modify or nullify them. For example, if an enforced prenup would result in one party walking away with everything, while the other walks away requiring help from public assistance programs, that would likely be unconscionable.
Fundamentally, prenuptial agreements exist to protect spouses from long, painful negotiations over assets in a divorce. There are as many unique ways to draft a prenup as there are marriages. But the way you write and negotiate your prenup matters. Start your marriage on the right foot by making sure that you have a fair, enforceable prenup that feels right to you and your spouse, and fairly represents both of your interests.
Contact an Oak Park, IL Prenuptial Agreement Attorney Today
If you and your partner would like to feel more comfortable about the choices you make when drafting a prenuptial agreement, consulting an experienced Hillside, IL prenuptial agreement lawyer at the Law Office of Vincent C. Machroli, P.C. is the first step. Illinois law is specific about what is enforceable in a prenup and what is not, and having an experienced prenup attorney walk you through the process will help you create a strong, legally binding agreement. Call 708-449-7404 and schedule your no-charge legal consultation to get started today.