Every state has unique property division laws in the event a couple gets divorced. In contrast to 50/50 property division states, Illinois uses a method known as “equitable distribution” in which spouses, sometimes with the help of a mediator or judge, divide their property and debts in a fair manner.
This method makes sense for couples, but it might not work for others. Engaged couples who worry that Illinois’ equitable distribution method would not properly reflect their wishes or circumstances may want to create a valid prenuptial agreement before they get married. If a prenuptial agreement is legitimate, it supersedes state law regarding property division and allows couples to preemptively negotiate the division of property if they get divorced.
Why Would a Couple Create a Prenup?
Although prenuptial agreements used to be financial instruments mainly for the wealthy and legally savvy, they are becoming more and more common. Couples may benefit from a prenup if they fit into one of the following circumstances:...