Prenuptial Agreement Workbook

Disclaimer: This material is provided for informational and educational purposes only and does not constitute legal advice. Viewing or using this content does not create an attorney-client relationship. You should not act upon this information without seeking advice from a qualified attorney regarding your specific situation.

A Different Way to Think About Prenups

A prenuptial agreement is not about expecting the worst. It is about transparency, planning, and protection.

In Illinois, without a prenup, income earned during the marriage is generally considered marital property regardless of who earns it.

A prenup allows you to make intentional decisions instead of relying on default legal rules.

Reflection:

• What does financial security mean to me?
• What information will I need to make good decisions now and in the future?

What Is a Prenuptial Agreement?

A prenup is a legal contract signed before marriage that defines financial rights and responsibilities.

Without one, earnings during the marriage are typically treated as shared marital property in Illinois.

Start a list of your assets, income, and debts so you have a clear picture before your first consultation. To make disclosure easier, fill out the form below to share what you have with O. Long Law directly, and we will help you organize the rest.

Why This Matters in Illinois

Illinois law, without a prenup, presumes that all income earned during a marriage is marital property, no matter who earned it or whose name is on the account where it is deposited. This includes salary increases, bonuses, and business growth.

Illinois law also presumes that all debt accrued during the marriage is marital debt, no matter whose name is on the account where the debt is held.

A prenup allows you to define different terms if desired.

Reflection:

• Am I comfortable with default rules?

Is a Prenup Right for You?

Also consider a prenup if you have assets, debt, or differing income potential. Consider also whether you expect an inheritance in the future; most people do not keep it separated well enough to protect it without a prenup.

Checklist:

• I want clarity around income and assets.
• I want to disclose my income, assets, and debts to my intended spouse.
• I want my intended spouse to disclose their income, assets, and debts to me.
• I have pre-marital property I want to protect.
• I think I may get an inheritance, or other non-marital property that I want to protect.

Legal Requirements in Illinois

A prenup must be voluntary, with full financial disclosure and terms that are understood before anyone agrees to them. It must be in writing and signed. Best practice says that both parties to a prenup are represented by their own independent attorney.

A valid prenup allows you to override Illinois default property division rules and make your own. Essentially, the state of Illinois wrote a prenup for you and everybody else; when you get your own prenup, you are making it just for your situation.

What Should Your Prenup Include?

Income

Most people choose to change the Illinois default. The default says all income earned during the marriage is presumed to be marital even if it is in an account with only one party's name on it. Many people choose to agree to the opposite: all income in any jointly-titled account is marital, but assets held in separate accounts are separate, non-marital property.

Retirement

The default is that all retirement assets earned during the marriage, including gains and losses, are marital property subject to division. In a prenup, you can choose to change that.

Spousal Support

Illinois has a maintenance calculator written into the Illinois Marriage and Dissolution of Marriage Act. You can choose to use that calculation or to specify a different one.

Paid Amounts

Illinois law does not provide for a certain amount to be paid after a certain number of years of marriage. In a prenup, you can specify that one party will pay an amount to another if a divorce happens after a certain number of years.

Real Property

You can make specific elections for your situation. For example, you can specify that a pre-marital house or condo remains separate even if the non-owning spouse contributes mortgage payments during the marriage.

Plans for Inheritance

You can specify what happens if one party receives an expected or unexpected inheritance.

Benefits and Considerations

Benefits: clarity, and protection of assets and future income. Many people appreciate that a prenup allows them to understand the financial decisions they make during marriage. They do not have to guess about how the law will treat certain income or assets upon the end of the marriage either by divorce or death of a spouse.

Challenges: emotional discomfort, stigma, and the time and difficulty associated with gathering all of the information required to complete prenuptial agreement financial disclosures.

Preparing to Work with an Attorney

Understand your finances and priorities before beginning the process. Gather as many account statements as possible to make disclosure less painful.

Questions:

• What concerns do I have?
• What circumstances can I foresee?
• What specific answers do I need?
• How is Illinois law likely to treat my situation without a prenup?

Action Plan

List next steps, conversations, and documents to gather as you prepare for your consultation.