Prenuptial or Premarital Agreement
A prenuptial agreement, also known as a premarital agreement, is a contract entered into prior to a marriage between the people intending to marry. The content of such agreement (also known as “prenup”) can vary widely depending on the situation of the parties to the contract. The most common provision in a premarital agreement involves confirmation of the separate property or debts of a party to the marriage. Other provisions include how to handle income of the parties during the marriage, division of property or spousal support in the event of divorce, designation of the spouses or other persons in wills or other estate planning documents, waiver of reimbursement rights, how to handle finances during the marriage, what to do with a separate property house upon the death of the owning party, etc. Note that a premarital agreement is unenforceable to the extent it attempts to address custody/conservatorship of a child, parenting time with a child, or any other issues regarding the child.