What is a prenup?
A prenuptial agreement aka "prenup" is a legal contract made between two fiancées who are engaged to be married. This agreement outlines certain property rights and financial arrangements that the parties agree to as a condition of getting married. The agreement allows the parties to avoid default state laws about property in case of divorce or death.
A prenuptial agreement typically discloses all of the property each person owns, as well as any debts or liabilities they have. A prenup can allow engaged couples to clarify their financial property and financial rights before getting married.
Sometimes the word "contract" is used instead of "agreement."
Contrary to pop culture references, prenups are not just for the rich and famous. Demand for prenuptial agreements has increased 5 fold in the last 20 years!
Prenups can:
Clarify financial rights. Without a prenuptial agreement, financial rights and responsibilities during the marriage or in case of separation will default to the laws of the state. A prenup allows you, as a couple, to determine you and your spouses' financial futures.
Avoid arguments in case of divorce. No one wants their marriage to end in separation. However, a prenup is created at an exciting and loving time in your relationship. This will allow you and your partner to come to agreements that are fair to everyone involved.
Protect individuals from debts. Student debt? Credit cards? A prenup can allow you to specify how you would like your pre-marital and post-marital liabilities treated so there is zero confusion about who is paying what.
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