In our previous post, we began looking at some of legal rules governing prenuptial agreements here in Illinois. As we noted, prenuptial agreements must be set forth in writing and signed by both parties. We also pointed out that premarital agreements may not deal with certain matters, but that there are a lot of possibilities in terms of what couples are allowed to address.
In addition to the disposition of property at divorce or upon the occurrence of some other event, premarital agreements may also deal with the management and control of property, during the marriage, as well as the rights and obligations of each party with regard to any of the property acquired by either or both parties during the marriage. This can be particularly important for a party who enters a marriage with a business or other property he or she wants to control him- or herself.
Several other important issues that may be dealt with in premarital agreements include:
- The execution of estate planning documents to be in line with the terms of the agreement
- The modification or elimination of spousal support (though not child support);
- The choice of which law will be used to resolve disputes regarding interpretation of the agreement.
Premarital agreements, again, can deal with a wide variety of issues to suit the needs of each couple. Couples can and should take advantage of this flexibility, but should always work with an experienced attorney to ensure they craft an agreement that will be enforceable in court.