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"Can you modify a prenuptial, post-nuptial, or divorce agreement?" Furthermore, a Premarital Agreement is not enforceable if it is "unconscionable" at the time of execution and, at said time, the aggrieved party lacked reasonable disclosure of the other parties' financial circumstances, did not waive disclosure, and had no knowledge of the other party's financial circumstances. A Premarital Agreement is unconscionable if its terms are so unfair to the aggrieved party that enforcement would be oppressive. However, a court may order a party to a valid, enforceable Premarital Agreement to pay maintenance to the other party, even if the Agreement eliminated said spousal support, if the elimination of maintenance would cause the aggrieved party undue hardship in light of circumstances not reasonably foreseeable at the time of the execution of the Agreement. Undue hardship means financial destitution and extreme poverty. Finally, a waiver of one party's interest in the other party's qualified retirement plan, contained in an otherwise enforceable Premarital Agreement, may be ineffective because the waiving party was not a spouse at the time he or she signed the Agreement. Michael J. Chiero, Esq. practices family law with Rinella and Rinella in Chicago. He is a member of the Illinois State Bar Association Family Law Section Counsel. |
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Tuesday, February 14
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