Premarital Agreements-Items to Keep in Mind!
Only for the rich??
A common misconception is that a premarital agreement is only for the wealth few. In reality they are for anyone who may have a concern about losing control of their property when a resulting marriage occurs, and this also includes those who were previously married and folks that own their own business!
Your Own Attorney
Remember that to have an effective and enforceable agreement both parties should have independent counsel of their choice. Even if both parties are totally in agreement as to what the prenup should mention, the wise decision is to be independently represented.
Each party to the agreement must make a full disclosure to the other party regarding their own assets. After all if you both are going to agree to give up rights to the other party's assets, you should at least be fully aware of what they are and what exactly you are giving up!
What does the agreement cover?
The most common of agreements covers 3 typical areas:
1.)During your marriage;
2.)On Divorce; and
3.)On the death of your spouse
Under Illinois Law spouses have certain rights under each of these three scenes, however, a premarital agreement can be used to change and/or even totally eliminate some or all of these rights!
The most common form of premarital agreement is one in which each party has certain separate property during the marriage and neither party has any right to the other spouse's property upon death or divorce. Keep in mind that this does not prevent a party from making gifts to the other during their life or in a will upon their death, but also remember that neither party is required to make such gifts!
Can it be changed?
Lastly, always remember that if the parties to the Premarital Agreement agree at any time, then and in that event, the agreement can be revoked or amended.