Getting a prenuptial agreement (prenup) in Chicago doesn’t have to be as complicated as the Chicago Bears’ quest for another Super Bowl. There are modern options nowadays that make things simple. For example, online platforms like us (HelloPrenup) streamline the process, guiding you through each step without requiring you to ever leave your couch. You can also hire a lawyer virtually. Many lawyers now offer consultations and even drafting via Zoom, saving you time and travel. HelloPrenup offers virtual attorneys, as well, so you can have the best of both worlds! Let’s dive into more on how to get a prenup in Chicago!
Why get a prenup?
First… if you’re not convinced about getting a prenup, we are here to tell you why it’s a good idea. There are so many different reasons why couples decide to get a prenup. Here are just a few:
Protect What’s Yours: If you own a home or business or have significant savings before marriage, a prenup safeguards these assets. For example, let’s say you bought a condo prior to marriage. You’ve accumulated quite a bit of equity in said condo. Without a prenup, the appreciation of that condo during the marriage is typically subject to being split up in a divorce. So, if you bought the condo for $200,000 and it appreciates $800,000 during the marriage, that $800,000 is subject to division in a divorce.
Limit or Eliminate Maintenance: Predetermine if/how much financial support one partner may receive in case of divorce. If you both are financially independent and feel spousal maintenance isn’t appropriate at all, you may both waive your right to it, too.
Avoid Debt Disputes: A prenup can specify that you’re not responsible for your spouse’s pre-existing debt. And, yes, you can be responsible for your partner’s debt in an Illinois divorce, even if your name wasn’t on it.
Shield Future Success: Safeguard income or business growth that happens during the marriage. Let’s say you don’t make much money now, but one day, you plan to be the CEO. You can ensure that future success stays yours.
Simplify Divorce (If Needed): By deciding key issues like property division upfront, you can save time, money, and stress if you ever do split up. Without a prenup, divorces tend to be longer, costlier, and more stressful!
How to get a prenup in Chicago
To get a prenup in Chicago, it’s super simple. There are some steps you can generally follow to ensure you have the best chances of a valid and enforceable agreement:
Step 1: Decide Your Approach (Online vs. Traditional Lawyer)
Services like ours (HelloPrenup) offer guided prenup creation and can be combined with lawyer review. This (in our humble opinion) is a great middle-ground for folks who want control in the prenup process but also the guidance of a lawyer.
On the other hand, if you want to skip the online prenup and go straight for the traditional lawyer route, you can find an Illinois lawyer who specializes in prenups. Look for referrals, online reviews, and free consultations.
Step 2: Start Your Planning
Talk with your fiancé about what you both want the prenup to cover. For example, how will you approach spousal maintenance, property division, joint bank accounts, inheritances, gifts, etc.?
Also, start prepping the documents and information you will need to satisfy financial disclosure. This includes sharing all of your assets, income, debts, inheritances, etc. Make sure you understand the values of each. For instance, if you have a brokerage account, you will want to locate your most recent statements to show the value of the asset. To show income, you’ll want to gather tax returns or paystubs from the past several years.
Step 3: Negotiating Differences
Work out any disagreements about terms, either directly with each other (i.e., the HelloPrenup way) or with the lawyers involved. For example, if you want to have a wealth equalization clause added while your partner does not, then you’ll need to work together (or with lawyers) to come to a resolution. This may be by offsetting the requested clause with another clause or conceding on another front.
Step 4: Drafting the Agreement
Once terms are finalized, your prenup document is created by your chosen method. For example, if you’re using HelloPrenup, you will simply hit “Generate my document” and Poof! Your custom agreement will be ready in seconds. If you are using a lawyer, they will need some time to draft the agreement for you.
Make sure you understand everything BEFORE signing. That means reading through your contract line by line! Ensure all of the details are correct and you are happy with what you are signing.
Step 5: Signing and Notarizing
BOTH partners need to sign the agreement. Initialing each page is another good measure to take. And, while not required, notarizing your prenup adds extra legal protection in Illinois. Notarizing a prenup is easier than ever now through HelloPrenup’s platform. You can do it ONLINE, all from home, in 30 minutes or less! No appointment necessary!
How much does a Chicago prenup lawyer cost?
Getting a prenup is a smart investment, just like getting a chocolate cake shake is never a bad idea, but like anything else good in life, it comes with a price tag. Here’s what you need to know about how much it might cost to hire a lawyer:
- Hourly Rates: Most Chicago family lawyers charge by the hour. Rates can vary widely based on experience and location, but expect somewhere between $250 – $500 per hour, and sometimes even higher for top-tier firms.
- Complexity Matters: The more complex your situation (business ownership, high net worth, etc.), the more time the lawyer will likely spend drafting and negotiating your prenup. This translates to a higher overall cost.
- Negotiation Time: If you and your partner have trouble agreeing on terms, your lawyers may have to negotiate a lot, which can drive up your bill. For instance, if you are battling over spousal maintenance, it may take your lawyers many phone calls to each other to settle the dispute. This takes time! Time = money.
- It’s Not Just One Lawyer: Remember, if you are opting for attorneys, you cannot share one. BOTH partners should have their own lawyer. One lawyer cannot review the prenup in the best interest of both parties. An attorney can only advocate for one person at a time.
- What the Data Says: According to a HelloPrenup family law attorney survey, the national average of a prenup for both parties is $8,000.
The bottom line on getting a Chicago prenup
There’s no magic trick to getting a prenup in Chicago. It’s a matter of choosing how you will get your prenup (online or with a lawyer), discussing the terms of the prenup, negotiating the terms, drafting the prenup, and finalizing it! Simple as that. The trickiest part may be deciding what goes into your prenup… or which deep-dish place to hit after you finalize the agreement. With resources like HelloPrenup and knowledgeable Chicago prenup lawyers, you will be in great hands!
Frequently Asked Questions (FAQs) about getting a prenup in Chicago
Still left with questions? No worries; below are some common questions we get regarding prenups in Chicago.
Q: How much money is worth getting a prenup?
A: You can have $0, and a prenup would still be worth it. For example, let’s say you have absolutely NO money at all–just debt. But you’re a new grad who plans on making money in the future. A prenup can protect your future assets, too! Plan on opening a business? Becoming a doctor? You can protect your future self.
Q: Do you need a lawyer for a prenup in Illinois?
A: In Illinois, you do not need a lawyer for a prenup to be valid and enforceable. However, having a lawyer can be helpful in making an argument that the prenup is fair if it is ever challenged in court. HelloPrenup offers IL attorneys for flat-rate discounted rates!
Q: Can a prenuptial agreement include provisions for child custody and support?
A: No! Prenups in Chicago (and anywhere in Illinois) cannot include provisions for child custody and child support. There are some states, like New York, that have narrow exceptions for this, but Illinois does not. The long and the short of it? Do not include child custody or child support in your prenup, as it will be stricken from the prenup and potentially threaten the entire prenup.
Q: Can a prenup be challenged in Illinois court?
A: Yes, prenups can be challenged in Illinois family court. Whether your prenup was drafted online or by an attorney, it can be challenged like any other contract.
Q: Who is the best prenup lawyer in Chicago?
A: It’s hard to say! What qualifies a person as being the “best”? The most clients? The most prenups drafted without challenges? The nicest person? The “best” prenup lawyer in Chicago could vary depending on what you’re looking for.
Robert “Bobby” Buchanan is the founder and owner of The Law Offices of Robert B. Buchanan. He resides in Clarendon Hills, Illinois, with his wife Kathleen, and two young children, Luke and Nora.
Originally from a small coastal town in Northern California, Bobby spent his twenties earning his B.A. from the University of California, Berkeley, and traveling throughout Europe and South America. Of note, he taught English in Brazil for a year while learning Portuguese.
In 2009, Bobby moved to Chicago to attend Chicago-Kent college of law on scholarship. After graduating in 2012 and earning his license, he began working for a boutique firm that focused on criminal defense and family law issues. His litigation skills developed quickly representing clients at every major court house in the Chicagoland area.
In 2017, The Law Offices of Robert B. Buchanan was founded with the core values of compassion, integrity, and teamwork.
Bobby set out to build a firm that was client-focused and on the cutting edge of legal representation. Utilizing his managerial skills, love of technology, and desire to help people change their lives for the better, Bobby has built a massively successful team of litigators and support personnel.
In his spare time, Bobby spends as much time as possible with his family. He likes to go running along the train tracks while pushing Luke in the stroller, helping Nora with tummy time, and cooking his wife a delicious meal.
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