Nearly every couple steps into married life with the belief that they will lead a happy, long life together. Of course, not everything happens the way it is planned. The many stresses of life and marriage can sometimes take a toll, even on a couple who seemed as if they were made for each other.
Because of this, it’s not uncommon for some couples to consider the feasibility of crafting a prenuptial agreement or premarital agreement in case things don’t go the way they are planned. In the state of Illinois, along with many others, couples are able to enter into private contracts such as these to determine a division of assets if a marriage turns to divorce.
The Uniform Premarital Agreement Act, or UPAA, is what allows a married Illinois couple the ability to make decisions on how debts and assets from the marriage will be settled if the relationship is to end. This type of agreement must be in writing and it has to be signed by both parties in order to be legal and binding. You can seek out the help of a Wheaton divorce lawyer to determine if your agreement fits the legal needs.
However, unlike many other executions, there is no need to record this agreement with the court and there is no need for witnesses to be present. The agreement typically marks the assets of each person in the couple. A prenuptial agreement can be one way to speed up the divorce process, should it be needed.
There are a few restrictions on what can be placed in a premarital agreement, but there is also plenty of leeways. While you may think of homes and cars when we say assets, there are far more types of assets than those and this agreement can allocate nearly all of them. Some of the things that may be covered by such an agreement include:
- The division of properly including businesses, homes, cars, etc.
- Rights to sell, buy, and trade property.
- Spousal support of alimony
- The drafting of trusts and wills
- Rights of ownership to pensions, trusts, and death benefits.
There are two major things that are not covered by a premarital agreement. These include both child custody and child support. The only entity that can determine these things is the Illinois court.
If you are considering a prenuptial agreement, it may behoove you to speak with a Wheaton divorce lawyer like the ones at Fay, Farrow & Associates, P.C. You can reach them at 630-984-4948 for a totally free consultation.
