A prenuptial agreement, commonly referred to as a “prenup”, is a legally binding document that a couple signs before getting married. The document outlines the distribution of assets and liabilities in the event of a divorce, dismemberment, or death. Although prenuptial agreements were once associated with wealthy individuals, they are becoming increasingly popular among couples of all income levels.

A prenuptial agreement aims to protect both parties’ interests by clearly defining each spouse’s rights and responsibilities in the event of divorce, dismemberment, or death.  It will therefore cover various issues, such as property division, spousal maintenance, and inheritance rights. 

At the beginning of the process, each partner will list their separate property, any debts they may have, and their expectations for the division of property and spousal support in case of a divorce. The agreement can also include provisions for who gets to keep certain assets, such as a family business, in the event of a divorce. It can also outline who will be responsible for paying certain debts, such as credit card debt or student loans.

One of the primary benefits to prenuptial agreements is that they can help to avoid lengthy and costly legal battles in the event of a divorce. Couples can avoid the uncertainty and stress often accompanying divorce proceedings by establishing clear guidelines for property division and spousal support before a divorce is even commenced.

It is important that a prenuptial agreement is not seen as a sign of distrust or lack of commitment. Instead, it is a practical and responsible way for couples to protect their interests and plan for the future.