What is a prenuptial agreement?
A prenuptial agreement is a legal contract between two people who are planning to get married. The agreement lays out the rules that will apply to the couple’s property, debts, income and expenses in the unfortunate event that their marriage comes to an end.
A prenuptial agreement helps each person protect the property that he or she individually has coming into the marriage. So, for example, if one spouse has something of value before getting married and ends up selling it after a divorce, if there is no prenup in place, the profit may be considered joint marital property. On the other end of the spectrum, a prenuptial agreement can also protect spouses from each other’s debts, both those taken on before and during the marriage. The agreement may also outline what level of support one will receive from the other in the case of divorce or death.
If you are thinking about proposing a prenup agreement or have been asked to sign one, the knowledgeable attorneys at Charles R. Ullman & Associates can help answer all your questions and prepare an agreement that works for you. Contact us now.