Lois Kulinsky & Associates, Ltd.
Contact Us Today For a Free Consultation
847-459-4448
View Our Practice Areas

How to develop a prenup in Illinois

Couples in Illinois who are interested in setting up prenuptial agreements should be prepared to conduct a thorough review of current and future financial matters. According to the American Bar Association, the process for creating a premarital contract should start with a full review of current assets such as retirement accounts or business assets as well as debts. This gives people a place from which to work.

Once that has been done, decisions should be made that identify if any separate property will remain as non-marital property or if it will all be comingled and put into the marital estate. This can be in the form of a home originally purchased by one person but then deeded into both partners' names or money from one person used to fund the education of the other with no required repayment.

From there, couples must identify how they will handle their day-to-day finances and long-term savings. Some couples plan to share all income and assets equally while others set up some joint accounts but still retain some separate accounts and responsibilities. For couples who plan to have one spouse quit work in order to be a stay-at-home parent, alimony structure can be discussed if a divorce later takes place.

Forbes points out that this process must include full disclosure by both partners in order for the agreement to be legally valid. Similarly, either partner must be forced to sign a contract under duress or against their wishes. Provisions must be reasonable and not heavily favor one person over the other.

No Comments

Leave a comment
Comment Information
  • The Chicago Bar Association
  • Lake County Bar Association | 1912
  • 10 Best | 2015 - 2019 | Attorney Client Satisfaction | American Institute of Family Law Attorneys
  • Illinois State Bar Association
  • DBR | Chamber of Commerce | Deerfield | Bannockburn | Riverwoods

Tell Us About Your Experience

Review Us
Email Our Attorneys

Contact The Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Wheeling Office
395 East Dundee Road, Suite 200
Wheeling, IL 60090

Phone: 847-459-4448
Fax: 847-459-8548
Map & Directions

Libertyville Office
611 S. Milwaukee Avenue, Suite 4
Libertyville, IL 60048

Phone: 847-281-0200
Map & Directions

Buffalo Grove Office
355 W Dundee Rd
Suite 100
Buffalo Grove, IL 60089

Phone: 847-459-4448
Map & Directions