All property, whether real or personal, tangible or intangible, or mixed, belonging to such party immediately prior to the Marriage, including any improvements in, additions to and diminution in indebtedness concerning such assets, as well as assets, if any, acquired in such party's name while living together or cohabitating outside the marital relationship.

Part of separate property is also all property acquired out of proceeds or income from property owned at the commencement of the Marriage.

Something that is given to you that you did not purchase on your own. An engagement ring is not a gift unless it was given on your birthday or on a holiday. Otherwise, it is a “conditional gift” and the condition of marriage must be fulfilled before it becomes marital property. If the ring was given on your birthday or Christmas, then it is your separate property (in most cases).

Another term for separate property. Property that will not be divided during your dissolution of marriage proceedings.

One of the first things you need to do before you reach an agreement on your pre-nuptial agreement is discuss each other's incomes. Income is considered any and all gross earnings from all sources of income, including any bonuses and overtime pay.

Gross income is the income before taxes are taken out. Net income is the income after tax has been taken out.

Money paid by a parent to help another parent support a minor child or children. Child support cannot be contracted in a prenuptial agreement.

Illinois Marriage and Dissolution of Marriage Act is the statute that governs terms of your divorce. That is why you will often see in your pre-nuptial agreement a reference to Section 503 of the Illinois Marriage and Dissolution of Marriage Act, in short IMDMA. In your pre-nuptial agreement you are free to deviate from the IMDMA and agree on terms that would otherwise not be enforced by the Courts. That is the beauty of designing your own pre-nuptial agreement without having a third party control how your property is divided.

Property, whether real or personal, tangible or intangible, or mixed, purchased and acquired after the commencement of the Marriage, including any improvements in, additions to and diminution in indebtedness concerning such assets, as well as assets, if any, acquired in such party's name while living together.

It is important to understand that some non-marital (separate) property can later be converted into marital property without you knowing. If you own a house that you purchased and paid off before marriage, but your spouse starts improving the property, investing their money and effort into it, it may be turned into joint marital property. If your intention is to keep your separate property separate, your intentions must be clear in your pre-nuptial agreement to avoid lengthy litigation in the future. Also, very common misconception is that your retirement accounts, pension and 401K accounts are separate property because you earned those with your hard work. NOT TRUE! Your spouse is entitled to 50% of all of your retirement benefits you earned during your marriage, unless specified in your pre-nuptial agreement.

All of your belongings - from jewelry, furniture, vehicles, all the way to real estate properties and personal businesses or corporations. It is so important to disclose and specify all of your assets that you own before commencement of the marriage, because all those assets and income earned from those assets may convert into marital property, unless specified otherwise in your pre-nuptial agreement

Just like your assets, it is important to list ALL your liabilities - credit card debt, personal loans, student loans etc. Just like all your assets may be divided during your divorce, you may be responsible for your spouse's debt if you divorce. All debt and liabilities need to be presented and clearly specified in your pre-nuptial agreement with your intentions on how your individual debt will be allocated.

A document that transfers ownership of property.

Another term for a divorce.

This means that the Court decides who gets what in a divorce based upon what they believe is equitable, and the Court is allowed to consider particular circumstances when determining what is equitable.

A contract term that specifies which states laws should be followed if the contract is disputed.