A prenuptial agreement is a contract that spouses enter into before marriage to establish the terms of a divorce, separation, or disposition of property upon death. Although many people believe a prenuptial agreement should be considered if a person has significant assets before marriage and wants to protect them if there is a divorce, there are many reasons one may want a prenuptial agreement even in cases where the present assets are not large.
While a prenup can protect your finances and assets in case of divorce, that protection can crumble if the divorce court deems the prenuptial agreement invalid. This danger means it is critical to have your agreement drafted by a skilled and experienced prenuptial agreement attorney in Chicago.
Attorney Michael C. Craven has drafted many legally enforceable premarital and post-marital agreements and can speak about doing the same for you. Please contact him today for a consultation by calling (312) 621-5234.
There Is No Written Record
A premarital agreement that is not written is unenforceable. That is the case even if there are witnesses to a verbal agreement. The prenuptial agreement must be in writing, and both parties must sign it. If there is no written record, the agreement is invalid.
Duress
If the judge thinks one spouse was coerced or manipulated into signing the agreement, it may be invalidated. For instance, if your soon-to-be spouse asks you to sign a prenuptial agreement the day before the wedding and makes the wedding conditional upon your signing, that may be considered coercive. If you and your partner are considering a prenuptial agreement, it should be discussed in detail well before the wedding.
It also is recommended that both parties have their own prenuptial agreement attorney representing their interests. Attorney Craven can write or review a prenuptial agreement to maximize the chances that it will not be invalidated during a divorce.
Unconscionability
Just because one party enters the marriage and leaves it with most assets and money does not mean the prenuptial agreement is invalid. But, if the agreement may be invalidated if it was unconscionable when signed and before execution of the agreement, a party:
- was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
- did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided; and
- did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
Lack Of Mental Capacity
Each party must have the mental capacity to understand what they are singing. When the time comes to sign the prenup, both parties need to be of sound mind. Also, ensure that alcohol, drugs, or prescription medication do not influence both spouses.
Void
If a marriage is legally void or voidable, a prenuptial agreement may be invalid. Examples include ones where one of the spouses was too young to marry or could not consent to the marriage.
Alimony
A prenuptial agreement can cover terms about alimony, including a waiver of the same. However, if a judge deems that the agreement’s alimony terms cause an undue hardship not reasonably foreseeable at the time the agreement was made, the judge can allow alimony.
Contact Our Chicago Prenuptial Agreement Attorney Today
Drafting a prenuptial agreement can be an effective means to protect your assets and income in case of divorce. But if the prenup is not written carefully, the divorce court could deem the agreement invalid. In that case, you may be at additional risk under the existing divorce laws. However, our Chicago prenuptial agreement attorney can help you.
Michael C. Craven can draft a legally enforceable agreement for you. He also can represent your interests and review any prenup that has already been written but not yet signed. Call (312) 621-5234 today for a consultation about your prenuptial agreement.
