what is a prenuptial agreement

what is a prenuptial agreement

1 year ago 34
Nature

A prenuptial agreement, also known as a premarital agreement or prenup, is a written contract entered into by a couple before marriage or a civil union that enables them to select and control many of the legal rights they acquire upon marrying. Here are some key points about prenuptial agreements:

  • A prenuptial agreement is a legal contract between two people who are engaged to be married that covers what happens to the individuals assets (financial or otherwise) in the event of a divorce.
  • Couples enter into a written prenuptial agreement to supersede many of the default marital laws that would otherwise apply in the event of divorce, such as the laws that govern the division of property, retirement benefits, savings, and the right to seek alimony (spousal support) with agreed-upon terms that provide certainty and clarify their marital rights.
  • A prenuptial agreement can address many different issues, including establishing maintenance, support for children of a prior marriage, pre-marriage debt, and child support and child custody/visitation.
  • Prenuptial agreements are recognized in all fifty states and the District of Columbia in the United States, and they are enforceable if prepared by state and federal law requirements.
  • A prenuptial agreement is only valid if it protects both parties and was entered into with a full and fair disclosure of all assets by both parties. The agreement must also be executed and acknowledged with the full formality required for a property deed to be recorded.
  • A prenuptial agreement can be a valuable financial tool, particularly if one person has significant student loans or other financial debts, and it could help protect their spouse from becoming responsible for paying them back if they were to divorce.

It is important to note that a prenuptial agreement cannot definitively address child support and child custody/visitation.

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