Planning on a Prenup? Make Sure To Avoid These Mistakes

 Posted on April 13, 2022 in Prenuptial Agreements

Prenuptial agreements are useful for any type of couple. Individuals may use a prenuptial agreement to protect assets, such as a small business, in the event of divorce. Individuals who choose to sacrifice career advancement to stay home with children may use a prenup to ensure they will have access to spousal support if the marriage ends. Older couples who are getting married for the second or third time may have children from a previous relationship and choose to use a prenuptial agreement for inheritance reasons. The possibilities are nearly endless. However, prenuptial agreements may be completely worthless if they are not drafted properly.  

Prenuptial Agreements Must Be Drafted Correctly

You and your soon-to-be spouse may trust each other to simply make plans verbally. They may assume that they do not need a formal agreement. However, prenuptial agreements must be in writing and signed by both parties to be enforceable. The parties must be of sound mind and fully agree to the terms of the prenup.

Ambiguity Regarding Finances Can Invalidate a Prenuptial Agreement

When an engaged couple wants to protect their financial interests before entering into a marriage, they may decide to draft a prenuptial agreement. The first step in this process is for both parties to fully disclose their assets and liabilities. They will need to list income as well as property like retirement accounts or investments. Student loans and other liabilities should also be fully disclosed.

If the couple fails to disclose all of their assets and debts, this can influence the decisions they make during the creation of their prenuptial agreement. The agreements may be based on incomplete or erroneous information. Furthermore, if the marriage does eventually result in divorce, the provisions in the prenuptial agreement may not be upheld by the court.

Signing a Prenup Under Coercion or Duress May Make the Document Unenforceable

Contracts like prenuptial agreements are only valid if they are entered into voluntarily. This means that both parties must fully understand and consent to the terms of the prenuptial agreement in order for it to be valid. If one spouse coerces the other spouse into signing the prenup, it may be invalid. The spouses must have ample time to read and consider the terms of the prenup before signing the document.

Contact a Kane County Family Law Attorney

Prenuptial agreements are legal documents that allow engaged couples to describe their financial rights and responsibilities in the context of marriage and divorce. If you are ready to draft a prenup or your partner has asked you to sign a prenup, contact Goostree Law Group for help. Our St. Charles prenuptial agreement attorneys can answer all of your questions and provide the legal guidance you need. Call 630-584-4800 for a free initial consultation.

Source:

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