Avoid These Common Mistakes When Considering a Prenuptial Agreement

 Posted on October 09, 2020 in Family Law

If you and your soon-to-be-spouse are thinking about creating a prenuptial agreement or “prenup,” there are several things you should keep in mind. Prenuptial agreements, when formed correctly, are legally binding contracts. These documents can address issues such as spousal maintenance or alimony, property rights, division of property and debt, and several other issues that will arise if the marriage ends in divorce. Prenuptial agreements are especially beneficial in situations involving individuals on their second marriages, blended families, or spouses with a large discrepancy in wealth. However, if a prenuptial agreement does not meet certain criteria or contains mistakes, it may not be legally enforceable.

Problems That Can Invalidate a Prenuptial Agreement

A prenuptial agreement that is executed correctly is a contract that spouses are bound to by law. However, some mistakes can render a prenup virtually useless. Some of the issues that lead to a prenuptial agreement being invalid include:

• The prenuptial agreement was verbal. Prenups must be in writing and signed before the wedding to be valid.

• Both spouses did not consent to the prenup. In order for any contract to be legally binding, the parties subject to the contract must have entered into the contract willingly. If a prenuptial agreement was signed under duress or a spouse was coerced to sign the prenup, it may not be valid. The agreement may also be invalid if a spouse was mentally incapacitated through drugs, alcohol, or mental health issues when he or she agreed to the prenup.

• The spouses did not fully read and understand the agreement. Spouses must have enough time to read and consider the terms of the agreement before signing. For example, if a bride was served with a prenup hours before her wedding, it is unlikely that this document would be legally enforceable.

• The prenuptial agreement was based on incomplete or fraudulent information. If one of the spouses lied about his or her financial resources or debts, concealed assets, or was otherwise untruthful about key elements of the agreement, it may be unenforceable.

• The prenup was “unconscionable.” An Illinois court may not uphold a prenuptial agreement that is extremely one-sided or unfair. Provisions that address irrelevant issues such as weight gain or intimacy will also not be legally binding.

Contact an Arlington Heights, IL Prenuptial Agreement Lawyer

If you want to learn more about prenuptial agreements, contact the skilled legal team of A. Traub & Associates. Our experienced Arlington Heights, IL family law attorneys can help you create a prenuptial agreement that is legally enforceable and meets your unique needs. We can also help if you are considering divorce and you have concerns about the validity of your prenuptial agreement. Call our office today at 847-749-4182 to schedule a confidential consultation today.

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