Prenuptial & Postnuptial Agreements in Peoria, IL
Marriage is a partnership built on love, trust, and shared goals. However, it is also a legal contract that affects your finances, property, and future. At Sullivan & Shick, we help couples in Peoria establish clear financial expectations through prenuptial and postnuptial agreements. Whether you are preparing to walk down the aisle or are already married, these agreements provide peace of mind and protection for both parties.
Many people believe these agreements are only for the wealthy or those expecting a divorce. In reality, they are practical tools for anyone who wants to clarify financial rights and responsibilities. Our goal is to help you create a fair, legally valid agreement that strengthens your relationship by removing financial uncertainty.
What Are Marital Agreements?
Marital agreements are legal contracts between two partners that outline how assets and debts will be handled during the marriage and in the event of separation, divorce, or death. While they serve similar purposes, the main difference lies in when they are signed.
Prenuptial Agreements (Prenups)
A prenuptial agreement is created and signed before you get married. It becomes effective the moment you are legally wed. This is a proactive step to decide how you will handle separate property, marital property, and debts before you combine your lives.
Postnuptial Agreements (Postnups)
A postnuptial agreement is created after you are already married. You might choose this option if you didn’t sign a prenup but now want financial clarity, or if your financial situation has changed significantly during the marriage (such as starting a new business or receiving a large inheritance).
Why Couples Choose to Create Agreements
Discussing money can be difficult, but creating an agreement often improves communication. By addressing financial matters upfront, you avoid misunderstandings later. Here are common reasons Peoria couples choose to draft these agreements:
- Asset Protection: You can define what property remains “separate” (yours alone) and what becomes “marital” (shared).
- Protection for Children: If you have children from a previous relationship, an agreement can ensure their inheritance is protected.
- Business Ownership: Business owners can use these agreements to keep their company separate from personal marital assets, protecting partners and employees.
- Debt Management: You can agree that pre-existing debts (like student loans or credit cards) remain the responsibility of the person who incurred them.
- Reducing Conflict: In the unfortunate event of a divorce, having a pre-existing agreement can make the process faster, less expensive, and less emotionally draining.
What Can and Cannot Be Included
Illinois law allows for a wide range of financial topics to be covered in these agreements, but there are strict limits on what is enforceable.
What You Can Include
Your agreement can legally cover:
- Rights to buy, sell, or manage property.
- Division of assets and debts upon divorce or death.
- Entitlement to spousal support (alimony) or waivers of support.
- Rights to death benefits from life insurance policies.
- Directives regarding wills and trusts.
What You Cannot Include
Courts in Illinois will generally not enforce provisions regarding children. You cannot use a prenup or postnup to determine:
- Child Custody: The court always decides custody based on the “best interests of the child” at the time of the separation.
- Child Support: Parents cannot sign away their child’s right to financial support.
- Illegal Terms: Any provision that requires someone to break the law is invalid.
- Personal Rules: Clauses about non-financial behavior (like chore division or relationship rules) are typically unenforceable.
The Process of Creating a Valid Agreement
For a prenuptial or postnuptial agreement to hold up in court, it must be drafted correctly. A generic form downloaded from the internet may not protect you under Illinois Family Law. The process generally involves the following steps:
- Full Financial Disclosure: Both parties must be completely honest about their income, assets, and debts. Hiding assets can make the entire agreement invalid later.
- Independent Legal Representation: While not strictly mandatory, it is highly recommended that each spouse has their own attorney. This prevents claims that one side was tricked or didn’t understand what they were signing.
- Drafting and Negotiation: We work to draft terms that are fair and meet your specific goals.
- Review and Signing: The final document is reviewed, notarized, and signed.
Sullivan Shick
Enforceability in Illinois
Illinois courts generally enforce these agreements, but they can be challenged. To ensure your agreement is valid, it must meet specific standards:
- Voluntary Signing: You cannot force or pressure your partner into signing. This is known as “duress.”
- Fairness (Unconscionability): The agreement cannot be so heavily one-sided that it leaves one spouse destitute while the other keeps everything.
- Timing: For prenups, it is best to sign well before the wedding date so no one feels pressured by the upcoming ceremony.
Who Should Consider These Agreements?
While any couple can benefit from clarity, these agreements are especially important for:
- Business Owners: To prevent a divorce from disrupting business operations.
- High-Net-Worth Individuals: To preserve wealth acquired before the marriage.
- Couples with an Age Gap: To address retirement and estate planning concerns.
- Second Marriages: To clarify obligations to new spouses versus children from prior marriages.
- Couples with Unequal Assets: If one partner brings significantly more debt or assets into the marriage.
Frequently Asked Questions
A prenuptial agreement is signed before the wedding becomes legal, while a postnuptial agreement is created and signed after marriage. Both provide similar protections and can include terms about assets, debts, and division in case of divorce.
Pricing varies based on complexity. Simple agreements where both parties agree on terms generally cost less than complex agreements involving significant assets or business interests. We recommend consulting with us for specific pricing based on your situation.
The timeline depends on the complexity of your finances, whether both parties agree on the terms, and the amount of asset disclosure needed. Simple agreements may take a few weeks, while complex agreements involving businesses or trusts may take months. It is best to start early.
These agreements can cover assets, debts, property division, and spousal expectations. They cannot address child custody, child support, or alimony/spousal support in a way that violates public policy. They also cannot include illegal or unconscionable terms.
While not legally required in Illinois, it is strongly recommended that each party have independent legal representation. This ensures fairness and protects both parties. It also significantly strengthens the agreement's validity if it is ever challenged in court.
No, you cannot create a "prenuptial" agreement once married, but you can create a postnuptial agreement. This document serves the same purpose and addresses the same issues regarding assets and debts.
Both parties must agree to create a prenuptial or postnuptial agreement voluntarily. If one party is unwilling, you cannot force them to sign. If you are already married, a postnuptial agreement is an option only if both spouses agree to it.
Yes, prenuptial and postnuptial agreements are generally enforceable in Illinois if they are signed voluntarily (without duress), include full financial disclosure from both parties, and do not contain unconscionable or illegal terms.
Prenups benefit high-net-worth individuals, business owners, people with significant asset disparities, couples with large age gaps, and those with children from previous relationships seeking to protect those children's inheritance.
Yes. Prenuptial and postnuptial agreements can specify how a business is treated in the event of divorce. This can protect business assets, ownership structure, and continuity, ensuring your business is not divided as marital property.
Secure Your Financial Future Today
Planning for the future is a sign of respect for your partner and your relationship. At Sullivan & Shick, we provide the legal guidance you need to create a fair and durable agreement. Whether you need a prenuptial agreement before your wedding or a postnuptial agreement to update your financial plans, we are here to help.
Contact us today to schedule a consultation and discuss your options.
CONTACT US
(480) 284-2644
(623) 915-0944