Disclosure In An Illinois Prenuptial Agreement

In the movie, “Intolerable Cruelty,” George Clooney play Miles Massey, a divorce lawyer who had crafted “the Massey pre-nup” a prenuptial agreement template that had never been successfully challenged. While such an agreement may sound mystical, unchallengeable prenuptial agreements get written every day…so long as they have the right clauses. One of the most important clauses in a prenuptial agreement is a “waiver of disclosure.” What Is A Waiver Of Disclosure In An Illinois Prenuptial Agreement A waiver of disclosure typically reads as follows: “Waiver of additional financial information. The parties hereto each voluntarily and expressly waive any right to disclosure of the property, financial position or obligations of the other beyond the disclosures provided herein and by the attachments hereto.” The reason that a waiver of disclosure must be included is that failure to properly disclose financial assets can render a prenuptial agreement void in Illinois. “(a) A premarital agreement is not enforceable if the party against whom enforcement is sought proves that: (1) that party did not execute the agreement voluntarily; or (2) the agreement was unconscionable when it was executed and, before execution of the agreement, that party: (i) was not provided a fair and reasonable disclosure of the property or financial obligations of the other party” 750 ILCS 10/7(a)(2)(i) It makes sense that a person getting married should at least know what assets they are agreeing to NEVER have a claim to by signing a prenuptial agreement. The disclosure is usually a referenced exhibit on the prenuptial agreement. The exhibit is simply a list of the parties assets with associated estimated values of each asset. Waiving The Disclosure Of Assets In An Illinois Prenuptial Agreement The right to be “provided a fair and reasonable disclosure of the property or financial obligations of the other party” can be waived by agreement. An Illinois prenuptial agreement without property disclosure is only void if it “did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided” 750 ILCS 10/7(a)(2)(iii) “Under the Illinois Premarital Agreement Act, the only way that [the petitioner] could have been relieved of his statutory obligation of providing a fair and reasonable disclosure was by [the respondent] voluntarily and expressly waiv[ing], in writing, any right to disclosure of the property or financial obligations of [the respondent] beyond the disclosure provided…[E]ach party to a premarital […]

from Russell D. Knight | Family Lawyer Chicago https://rdklegal.com/disclosure-in-an-illinois-prenuptial-agreement/