Illinois Estate Planning and Elder Law Blog
Prenuptial agreements have become an important estate planning tool. Without a prenuptial agreement, a second spouse may be able to invalidate your existing estate plan. Prenuptial agreements are especially helpful if you have children from a previous marriage or important heirlooms which you want to keep on your side of the family.
It is important to make sure that your prenuptial agreement is valid. The following need consideration:
- IN WRITING. To be valid, a prenuptial agreement must be in writing and signed by both spouses. A court will not enforce a verbal agreement.
- NO PRESSURE. A prenuptial agreement will be invalid if one spouse is pressured into signing it.
- REVIEW. Both spouses must read and understand the agreement. Each spouse should seek advise from separate attorneys.
- FULL DISCLOSURE. Both spouses must fully disclose assets and liabilities. If either spouse lies or omits information about his or her finances, the agreement can be invalidated.
Consult your estate planning attorney for further information.