Pre-Nuptial and Post-Nuptial Agreements

A pre-nuptial agreement is a contract between persons who plan to get married that governs ownership of property and earned funds during marriage and distribution of assets and income in the event of a divorce. All prospective spouses should consider whether such an agreement would be appropriate for the upcoming marriage. Although the raising of the issue of pre-nuptial agreements may be awkward, these agreements actually assist the parties to the marriage because they avoid disputes later. Also, particularly in marriages in which one party is in a family business, such an agreement can protect the family business from being entangled in a divorce proceeding. For those who are entering into second marriages, such agreements provide comfort to children that they will receive their inheritance in the event of divorce.

 

To be effective, both pre-nuptial and post-nuptial agreements should include disclosure as to the assets of the parties. This avoids contests later in which one spouse may claim that his or her consent to the pre-nuptial agreement was based upon fraud or that the consent was uninformed.

 

Because pre-nuptial and post-nuptial agreements are contracts, their provisions need not be limited to property issues. Any issue contemplated or experienced in a marriage may be the subject of a pre-nuptial or post-nuptial agreement. The contract must be entered into in good faith, reasonable in its terms, and consistent with the public policy of the State of Illinois.