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Posted on in Premarital Agreement

IL divorce lawyerPrenuptial agreements are no longer reserved solely for the rich and famous, though it may appear that way through media coverage. A prenuptial agreement, commonly referred to as a prenup, is a legal document that determines how assets, debts, finances, and property will be managed during a marriage or after a marriage if it comes to an end. In the past, prenups have been seen as taboo or damaging to a relationship; however, millennials often request prenuptial agreements, causing an increase in this form of legal documentation.

What Exactly Is a Prenup?

Prenuptial agreements are most commonly known for financial division; however, they cover more than just “who gets the money.” Although prenups are important in regards to officiating financial matters, they can also assist couples in managing prior commitments or obligations like children and ex-spouses. The document can help those with substantial assets or debts avoid conflict later in the marriage. Prenups are important because they take precedence over state laws regarding divorce and marital property, putting control into the hands of the couple requesting the legal documentation.

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