Premarital Agreements

Premarital agreements are presented as the rational way to handle financial and property affairs that arise upon marriage. In Illinois, two people who are contemplating marriage can enter into a written agreement to regulate certain financial matters during the marriage in the event of a divorce and/or upon the death of one or both of the parties. Such an agreement may be referred to as a Premarital Agreement, Prenuptial Agreement, or Antenuptial Agreement. These agreements are governed by the Illinois Premarital Agreement Act.

In almost any circumstance, the parties may want to have a premarital agreement to memorialize their agreements; but in some situations it is almost imperative that the parties obtain legal advice regarding the possibility of a Premarital Agreement. A few such situations include:

Premarital Assets – If one or both of the parties has a significant amount of premarital assets, the parties should consider entering into a premarital agreement that specifies what will occur upon the death of at least the first of the two to die and in the event of a divorce.
Children from prior relationships - If either party has one or more children with someone other than the prospective spouse, the couple should consider a Premarital Agreement to clearly define and protect the rights in the event of divorce, of those children, the new spouse, and any children the parties may have after they get married.
Second and Third Marriages – Today divorce is a commonplace fact of life. As a result, there is a concurrent increase in second and third marriages. The conflicts that naturally inhere in such relationships make the litigation that follows uncertain, unpleasant, and costly. Premarital agreements allow couple to think through the financial aspects of their marriage before hand and provide such people with the opportunity to ensure predictability, plan their future, and, most importantly, decide their own destiny.

At Anderson & Associates, P.C., we have extensive experience in drafting and negotiation premarital agreements. We understand the delicate nature of premarital agreement negotiations and are adept at protecting our clients’ interests without disrupting the parties’ relationship.