What you need to know about Divorce
V. Prenuptial Agreements
In view of todays statistically high probability of divorce, couples often make Prenuptial Agreements to determine the disposition of their property in case of a divorce, legal separation of death.
While Illinois law provides that each individual retains sole ownership of any property owned before marriage, or acquired by gift or inheritance subsequently, romantic euphoria may lead spouses to move such property into joint ownership for the duration of their marriage.
A prenuptial agreement assigns rights to the parties in their respective property.
In January, 1990, the Illinois Legislature established the Uniform Premarital Agreement Act to govern rules that guide people in preparing agreements that will hold up in court. These contracts are enforceable in Illinois if they are made voluntarily, are fair and reasonable, use precise words, are in writing and are signed by both parties.