Joseph Walczak, an Illinois family law attorney who writes a legal advice column in the Southtown Star, recently answered a question from a woman whose fiancé wants a prenuptial agreement (or "prenup" for short). He earns more money and has more assets than she does, so it may serve his interests more than hers.
But she wants to know if it's in her best interests and ultimately whether or not she should sign it. It's a touchy prospect to sign a contract detailing how property should be divided after a divorce when the couple is not yet even married.
Mr. Walczak tells her that any prenuptial agreement could "substantially limit [her] rights" if the marriage ends or if her spouse dies, which is kind of the point of the prenup.
The Illinois Premarital Agreement Act, the portion of family law that governs prenups, makes it clear that its provisions essentially are set in stone upon signing:
A premarital agreement must be in writing and signed by both parties. It is enforceable without consideration.
Without consideration?
This particular couple hasn't even gotten to the honeymoon phase of their relationship. Mr. Walczak cautions this woman against making any rash, legally binding decisions based on an assumption that the marriage will last forever. If it doesn't, the prenup could have potentially devastating financial consequences for her.
He says most people only draft prenuptial agreements if at least one of the spouses has been married before and/or has children from an earlier marriage or relationship. He says anyone asked to sign a prenup for a first marriage should ask him or herself why their future spouse wants it. Also, he says it's paramount to have an attorney look through it with a fine-toothed comb first.
Mr. Walczak questions whether a lawyer-negotiated prenup is the best way to start a marriage. He provides the following words of caution:
Do not underestimate the detrimental impact that a prenuptial agreement can have on your future.
Related Resources:
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Is a Prenuptial Agreement Right for You? (FindLaw)
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Marriage and Money: Prenuptial Agreements and Beyond (FindLaw's Law & Daily Life Blog)
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