Illinois is a state that utilizes the equitable distribution theory of asset division when a couple is divorcing. This means that any assets acquired during the marriage will be divided fairly between the parties, based on a number of factors like future earning potential. However, what many forget is that this is true for marital debts as well. If a debt is incurred during the marriage and classified as marital, the responsibility to repay it may be divided between the parties.

Prenuptial agreements, also called “prenups” or premarital arrangements, are legal contracts that establish the property and financial rights of each spouse should a marriage end in divorce. Prenuptial agreements are a somewhat controversial topic for a number of reasons. Some individuals believe that prenups are only necessary for celebrity weddings or for those people who do not plan on being married for the rest of their lives. They think, why plan for a divorce before the marriage has even begun?