An Illinois prenuptial agreement is a legal document that outlines the financial rights and responsibilities of two individuals planning to enter into a marriage. It defines the division of finances and assets in the unfortunate event of a divorce, ensuring that both parties know each other’s financial standing and debt obligations.
It’s important to note that a prenuptial agreement does not become effective upon signing but upon the legal and official marriage of the couple.
Laws:
Signing Requirements: The agreement requires both parties’ signatures; notarization is optional. (750 ILCS 10/3)
Dividing Property: Equitable division. (750 ILCS 5/501)
According to 750 ILCS 10/7 (b), a court can change or nullify a prenup’s spousal support terms if they lead to undue hardship for one party due to unforeseen circumstances at the time of signing.
A prenup in Illinois may become invalid if:
If a marriage is declared void, any agreement intended to be a prenup will only be enforced to prevent unfair outcomes.
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