A prenuptial agreement is a legal document that defines a private agreement made by two people who intend to legally marry. These types of agreements are commonly used to predetermine how the new couple’s estate will be distributed if a divorce or death occurs. In the event that divorce does occur and no prenuptial agreement exists, the couple’s estate will be distributed according to the the Illinois state laws governing the dissolution of marriage.
What Can a Prenuptial Agreement Cover?
As a private agreement, a prenuptial agreement can be highly customized to fit the unique needs of the couple in question. The prenuptial can address any number of topics, including issues such as pre-existing debt of one or both partners, asset allocation, and spousal maintenance. There are no minimum or uniform requirements that must be included.