Article provided by: divorcesource.com
A prenuptial agreement, antenuptial agreement, or premarital agreement, (commonly abbreviated to prenup) is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement of partners intending to marry. The content of a prenuptial agreement varies, but commonly includes provisions for division of property and spousal support in the event of divorce.
- Without a prenuptial agreement upon separation by death or divorce, the court separates all of the marital property evenly. A prenup can be used in order to avoid a court deciding marital property attained during the marriage.
- The prenuptial agreement protects one spouse from the other’s debts. Without a prenup, creditors can go after the marital property even though only one spouse is the debtor. To avoid this, spouses limit debt liability in a prenuptial agreement.
- The prenuptial agreement protects children from previous relationships, and keeps family property in the family. A family heirloom, family business, even a future inheritance, or other piece of property can be kept within a birth family in a well-crafted prenup.
