The Uniform Premarital Agreement Act in Illinois

The law regarding Illinois premarital agreements touches on issues such as child support and life insurance ownership.

Premarital agreements under the Uniform Premarital Agreement Act in Illinois are agreements between prospective spouses that address the assets, financial obligations, responsibilities and other issues that may arise upon separation of a married couple.

Effective Date

The Uniform Premarital Agreement Act applies to premarital agreements executed on or after January 1, 1990. The agreements entered after this date become effective upon marriage.

Revocation and Amendments

Premarital agreements can be amended or revoked under the Uniform Premarital Agreement Act. In both instances, the signature of both parties is required.

Enforcement

Premarital agreements are enforceable without consideration. It is advised that both parties seek legal counsel before entering a premarital agreement to ensure that the agreement is enforceable.

Setting Aside Premarital Agreements

There are several reasons a party can petition the court to set aside, or throw out, a premarital agreement. If a party can prove they did not sign the agreement voluntarily; can prove an inadequate knowledge of the other party's property and financial obligations; if the agreement was unconscionable at the time of signing; or the marriage is determined void, a premarital agreement can be set aside.

References

• American Academy of Matrimonial Lawyers, Illinois Chapter: Premarital Agreements and Post-Marital Agreements in Illinois Divorce Cases
• Illinois General Assembly: Illinois Compiled Statutes-Families- (750 ILCS 10/) Illinois Uniform Premarital Agreement Act.