Posted on January 08, 2014 in Premarital Agreement

Premarital agreements have a bad reputation. People associate premarital agreements with a lack of commitment or as only appropriate for the very wealthy. But in reality, premarital agreements can provide stability and security to any marriage – regardless of financial situation. While Illinois' divorce rate is somewhat lower than the national average, divorce is still common. If you live in Illinois and are contemplating marriage, consider whether a premarital agreement might be right for you.

A premarital agreement – also known as a prenuptial agreement or a “pre-nup” – is a written agreement between two prospective spouses in contemplation of marriage. Once signed by both parties, it becomes effective upon marriage.

• Which party is responsible for debts and liabilities, such as a mortgage, that accrue during marriage;
• Each party's right to use, rent, sell, transfer or encumber property;

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