What is a Prenuptial Agreement?

Prenuptial agreements (also called premarital agreements or antenuptial agreements) are a common legal step many couples take before getting married. At its core a prenuptial agreement establishes the property and financial rights of each spouse in the event of a divorce. While no one really wants to consider the consequences of splitting up before they are even married, the reality is that about half of all marriages in America end up in divorce proceedings. Because of this it’s often prudent to at least consider a prenuptial agreement. A prenuptial agreement usually lists all the property each person owns as well as any debts they have, and it specifies what each person’s property rights would be after the marriage. While prenuptial agreements are most often used to protect the assets of wealthy spouses they can also serve other important functions. While some couples chose to enter into these legally binding contacts without the assistance of professionals, we strongly encourage couples to seek professional legal counseling so that you can be sure that your prenuptial agreement is valid and would be upheld should you ever need it to be.

Why would you need a prenup?

Contrary to popular opinion prenuptial agreements are not just for the rich. While it is true that these types of contracts are most commonly used for the protection of financial assets, prenuptial agreements are increasingly used to cover a whole swath of other subjects that couples want to agree on to before marriage. Couples may like to include in a prenuptial agreement a clarification of their financial rights and responsibilities during the marriage or even the agreed upon terms of specific argument such as who would get a certain pet in the event of a divorce. Some more extreme measures may include an agreed upon fee to be paid if one spouse is caught cheating on the other. Others yet chose to include protections from the debts of the other spouse. Prenuptials can even go so far as to indicate that couples may not post embarrassing pictures on social media. These agreements can be made to be very limited and straightforward or include a vast array agreed upon terms. Contact us today for help with your prenuptial agreement or check out our prenuptial agreement checklist for additional tips and assistance.