This form involves a situation where a couple is buying a house prior to their marriage and want to agree in writing how the house and other property should be disposed of if they should separate and not get married.
Illinois Domestic Partnership Agreement: Disposition of Real and Personal Property if Partnership is Dissolved — Unmarried In Illinois, a Domestic Partnership Agreement is a legal document that provides protection and guidelines for unmarried couples who have chosen to live together and share their lives without getting married. It helps address various important aspects of their relationship, especially when it comes to the disposition of real and personal property in the unfortunate event of a dissolution. The Illinois Domestic Partnership Agreement covers the fair and equitable distribution of both real and personal property when the partnership ends. Real property refers to any land, buildings, or other permanent fixtures, while personal property includes assets like vehicles, furniture, bank accounts, investments, and more. There are two main types of Illinois Domestic Partnership Agreements regarding the disposition of real and personal property if the partnership is dissolved — unmarried: 1. Equal Division Agreement: This agreement ensures that both partners have an equal share of all property acquired during the partnership. If the partnership ends, any real or personal property will be divided equally between the partners. 2. Individual Property Agreement: This agreement allows each partner to retain ownership of the property they brought into the partnership individually. In case of dissolution, each partner will be entitled to their respective personal property and any increase in value or appreciation. It's important for unmarried couples in Illinois to carefully consider the type of Domestic Partnership Agreement they wish to establish, as it will dictate the legal rights and obligations of each partner. By clarifying the disposition of real and personal property, these agreements provide a sense of security, minimize potential conflicts, and ensure fair outcomes in case of a breakup. To create an Illinois Domestic Partnership Agreement, it is advisable to consult with an experienced family law attorney who can help draft a document tailored to the unique needs and circumstances of the couple. With legal guidance, unmarried couples can safeguard their property rights and establish a clear framework for the division of assets in the event of a dissolution, ultimately protecting their interests and securing their financial future.
