A discussion with your fiancé about the settlement of financial matters in the event of a divorce or death, through a premarital agreement, may not be romantic, but it can be a great idea. Some people choose to enter into premarital agreements in order to protect a wide range of property and assets. In other cases, if there are children from a previous relationship involved, the natural parent can request a premarital agreement to protect these children in case of the parent's death.
What is a Premarital Agreement?
Illinois law defines a premarital agreement as an agreement that is entered into by two people who expect to get married and is effective only if the couple marries. Many people refer to premarital agreements as prenuptial agreements, or prenups.
In a prenup, the couple can agree on how to deal with the following matters in case of divorce, or death:...