The Most Important Part of a Premarital Agreement
The Most Important Part of a Premarital Agreement
It is arguable that in Illinois, the most important component of a Prenuptial Agreement is the Exhibit listing each party’s income, and interest in assets and debts. A prenup without such a list, is almost without a doubt unenforceable in Illinois. The reason for this is simple: you can sign off on most marital rights and obligations, but you need to be informed in so doing.
It is policy in Illinois to favor marriages. Illinois also recognizes the freedom to contract. The State does not want someone to not marry because he or she is prohibited from protecting themselves by contract. However, Illinois does not want either spouse to enter into a premarital contract/agreement, without knowing the bargaining power of the other party either.
Whether you are entering a premarital agreement to protect your income or assets in the event of a divorce, or to be protected from your soon-to-be wife or husband’s debts, or for any other reason, make sure that your prenuptial agreement contains a clear disclosure of each of your incomes, assets and debts.
Contact a competent prenuptial agreement attorney to learn more.
