Premarital Agreements
Prenups or premarital agreements are written contracts created by two people planning to be married. The agreement typically lists all of the property currently owned by each person and their debts. The prenuptial agreement states what each person’s property rights will be after they marry in the event of separation, divorce or death. Premarital agreements will often state whether spousal support (maintenance or alimony) will be paid after the marriage ends.
When Are Prenuptials Used?
Perhaps one of the most frequent scenarios in which premarital agreements are used are those in which one or both of the parties is entering into a second marriage and wishes to preserve property for children or grandchildren from a former union. However, in other scenarios, prenuptial agreements have become increasingly common such as the protection of nonmarital property or business interests acquired prior to the marriage.
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